STORELECTRIC COMPLETES ACQUISITION OF TEESSIDE SITE FOR LONG DURATION ENERGY STORAGE PROJECTS

Teesside, United Kingdom,24/07/2026 – Storelectric Teesside Ltd, a wholly owned subsidiary of Storelectric Ltd, has completed the acquisition of approximately 550 acres of industrial land in Teesside from SABIC UK Petrochemicals Ltd, following the exchange of contracts announced in February 2026.

The site, Tees Energy Park, includes underground cavern assets as well as essential above-ground infrastructure, and benefits from geological characteristics well suited to large-scale long duration energy storage (LDES).

A defined portion of the site is earmarked for Storelectric’s LDES project, TeesCAES, which utilises compressed air energy storage (CAES). TeesCAES has been named in Ofgem’s minded-to decision list for receipt of support through Window One of the LDES Cap and Floor Scheme, with final contract awards anticipated later this year.

Beyond TeesCAES, the scale, existing infrastructure and configuration of the wider site provide flexibility for the phased development of additional clean energy and energy infrastructure related projects over time, subject to regulatory approvals and funding.

Tallat Azad, Managing Director of Storelectric said:

“Completing this acquisition is another important milestone for Storelectric. It secures a site with the scale, infrastructure and geology to support TeesCAES today and a pipeline of further LDES, hydrogen and clean energy projects in the years ahead. The location also brings significant operational heritage – it was the first site to store hydrogen in salt caverns, and has done so safely for over 40 years – together with the associated expertise and IP developed over decades.”

Storelectric was advised by Womble Bond Dickinson LLP on the transaction.

The site provides a reference platform capable of informing further similar large-scale developments in the UK and internationally, where comparable industrial and geological characteristics exist. Further updates will be provided as the TeesCAES project progresses.

About Storelectric

Storelectric is a technology and project developer of large-scale energy storage solutions, utilising underground cavern storage to support renewable power systems today and enable future energy system flexibility. Its long-duration energy storage projects are designed to address intermittency, enhance grid stability, and strengthen energy security.