Arenko, a leading software platform provider to the global energy asset automation market, has announced the appointment of Eddie Siow as Chief Financial Officer.
Arenko is a world-leading software service provider which uses proprietary automation technology to allow asset owners to optimize their battery performance and unlock the value of batteries and renewables. Arenko’s vision is a zero-carbon grid worldwide.
This video explores Grid Level Energy Storage. It is very difficult to manage the electrical grid and keep the frequency within a certain range. Large-scale battery systems have now arrived. This technology will allow the advancement of renewable energy. Tesla battery has been reported to already have saved millions of dollars within the first few days after its commissioning.
Rupert Newland, Founder, and CEO of Arenko Group said: “We are delighted to welcome Eddie as CFO to the Arenko team. Eddie’s significant financial experience and deep sector expertise in grid-scale and distributed renewable energy will greatly enhance our management team. Eddie will provide the financial expertise necessary to enable Arenko to facilitate a global transition to a zero-carbon future.”
Siow has joined Arenko from ENGIE, the global energy and services company, where he held the position of Finance Director of ENGIE Futures, a £150m revenue UK portfolio of heat networks, electric vehicle charging, and distributed and renewable generation businesses. At ENGIE, he also was a board member for its UK onshore wind and solar assets and helped develop greenfield investment opportunities.
Prior to ENGIE, Siow was a director in the investment bank at Barclays, where he led and executed M&A and capital raising transactions in public and private markets focusing on power, utilities, renewable energy, regulated networks, and infrastructure. Previously, Siow also worked in investment banking at Lehman Brothers and Nomura.
Siow said: “I am passionate about the role of capital in delivering the energy transition to achieve Net-Zero. I look forward to joining the Arenko team and contributing to its next phase of growth as we work towards creating a zero-carbon grid.”
The hire builds on Arenko’s recently signed trading optimization services agreement with Foresight Group, a leading infrastructure investment manager, to optimize their 50MW Sandridge energy storage asset and Vattenfall Wind Power, the leading European energy company, to optimize their 22MW/16MWh battery.
Arenko is also delivering work to Gore Street Energy Storage Fund where it was selected to provide its automation platform as a route-to-market for an operational 10MW energy storage project, because of its track record of breaking ground in fast-changing energy markets. With this partnership, Arenko manages 51MW of operational assets with a further 100MW contracted and scheduled to come online over the next 12 months. Similarly, Arenko signed services agreements for the optimization of two new 50MW projects to Gresham House Devco in 2020; both projects will be connected directly to National Grid’s transmission system.
The team at Arenko is now in place to help the Company deliver on its ambition to use technology to aid its customers by enabling the flexibility required to support the global transition to a zero-carbon future.
Grid-scale batteries started to come online in the mid-teens in Britain with Arenko building a 41MW grid-scale battery installation. In the years following, Arenko’s engineers solved the batteries storage level issue to meet the demands of the market before working on an AI-powered software that squeezed every penny of profit from their batteries.
Arenko’s software means a faster path to net-zero and a more resilient energy grid which means more efficiency and less wastage energy.