(Bloomberg) -- The UK Infrastructure Bank plans to invest as much as £200 million ($246 million) to support power-storage technologies for the energy transition.

The bank will put £75 million into Gresham House’s renewable energy fund, along with £65 million from British Gas parent Centrica Plc, on a match-funding basis. It will invest a further £125 million in asset manager Equitix Ltd.’s electricity storage fund, the bank said in a statement. 

Storage capacity needs to grow in order to the facilitate the UK’s goal of net-zero emissions by 2050. It helps the grid balance power when wind and solar generation drop, without having to return to fossil fuels. 

“We are making progress as a nation, but we need much more investment to meet necessary targets, and the clock is ticking,” said John Flint, chief executive officer of UK Infrastructure Bank.

Last year the UK brought online the most battery capacity among European nations, according to data from consultant LCP Delta. 



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