AN oil services entrepreneur has said he hopes to raise £300 million as he aims to build a big renewable energy storage system business, with the expectation of creating around 200 jobs in Scotland over the next few years.
The Carbon Neutral Energy firm launched by Mark Patterson has launched a range of battery storage systems for which it reckons there will be strong demand amid the drive to reduce carbon dioxide emissions, to help slow climate change.
The Aberdeen-based firm’s products could be used to store electricity generated from renewable sources until it is needed. They include modular units that could be deployed where required.
Mr Patterson reckons they could help tackle the problem of renewable energy generating capacity being left under-utilised. This may happen because conditions are most suitable for generating power from facilities such as windfarms when it is not required.
“Green power has advanced but the challenge in storing that power leads to significant waste,” said Mr Patterson.
On its website Carbon Neutral Energy says it is focused on the global opportunity for electrification and is in the process of raising in excess of £300 million over the next five years.
This will be funded in stages as the business grows.
Mr Patterson is in talks with potential investors.
He has decided to focus on battery storage after playing an important part in the development of significant oil and gas services businesses in Scotland. These include Balmoral Group, Nautronix and Well-Safe Solutions.
Mr Patterson founded Carbon Neutral Energy last year with his two sons Harry and Philip. The company has developed modular storage systems using lithium ion battery technology.
It has 12 employees currently.
On Monday Caithness-based smart battery producer AMTE Power announced plans to raise £7m ahead of an expected flotation on the stock market. It said demand for lithium ion battery cells is expected to grow rapidly.