Transmission

Operating a battery in Australia’s National Electricity Market (NEM) is no simple task. With a five-minute dispatch interval, nodal pricing, and an energy-only market structure, success hinges on the ability to process and respond to massive amounts of data in real time. These unique market dynamics demand sophisticated strategies for battery optimization, underpinned by algorithmic bidding and advanced forecasting.

As renewable penetration grows and the grid becomes more volatile, batteries are playing a pivotal role in providing fast, flexible support. But unlocking their full value requires a deep understanding of the NEM’s fast-paced, data-driven environment—where every five minutes counts.

In this episode, Matt Grover, Director of Sales Engineering and Energy Markets for Fluence in APAC - joins Wendel Hortop to discuss what optimization looks like in the NEM.

Over the course of the conversation, you’ll hear about:

• How algorithmic bidding continues to evolve in the NEM, demanding adaptability to successfully optimize batteries.
• Challenges faced by asset owners in managing state of charge in real time.
• Local dispatch prices vs. regional settlement prices in Australia.
• The emergence of virtual toll agreements in the NEM.

• The growth of battery portfolios and the challenge of co-optimization.

About our guest

Fluence is on a mission to create a more sustainable future by transforming the way we power our world. Fluence brings proven energy storage products and services, and digital applications for renewables and storage to support the modernization of our energy networks. For more information on the services Fluence provides, check out their website.

Matt leads the Energy Markets team and the Sales Engineering function within Fluence's Digital division in APAC, looking after Fluence's Mosaic software product offering and helping dozens of renewable generators and BESS assets trade in Australia's National Electricity Market.

About Modo Energy

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our podcasts are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, podcasts, data visualizations, live events, and more, follow us on LinkedIn or Twitter. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

As the energy transition accelerates, the landscape of start-up funding is evolving, particularly in the energy storage sector. The impact of the recent downturns and the growing complexity of the capital stack means energy start-ups need to be ahead of the curve to secure funding in an ever-changing environment.

From scaling energy technologies across diverse regulatory environments to the opportunities facing climate tech entrepreneurs today, the world of venture capital is changing and so must the strategies to ensure success.

In todays’s episode, Philipp Emig, Senior Vice President at Picus Capital, joins Quentin to discuss how start-up get funded in the energy transition. Throughout the conversation, you’ll hear about:

• The role of venture capital and early stage investing in climate tech and Picas Capital's focus in this.
• Trends in climate tech funding - from the decline in funding levels to the successes of battery and home energy control technologies.
• Differences between energy markets and comparisons of energy market development stages across regions.
• The importance of different types of investors at various stages of company growth.
• Grid-scale energy storage solutions and the potential for software-driven asset management in the energy sector

About our guest

Picus Capital invest in early-stage technology ventures with a focus on energy & climate, fintech, enterprise infrastructure, generative ai, cybersecurity, healthcare, and enterprise application, specializing in Pre-Seed, Seed and Series A ventures.

For more information on what Picus Capital do, check out their website.

Philipp joined Picus Capital in 2021, where he focuses on energy & climate investments, as well as on pre-seed stage efforts. Prior to this, Philipp worked for McKinsey & Company in Munich and advised clients across Europe in the energy, mobility and process industry mainly on innovation, strategy and sustainability topics.

About Modo Energy

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our podcasts are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, podcasts, data visualizations, live events, and more, follow us on LinkedIn or Twitter. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

As the energy transition accelerates, the landscape of start-up funding is evolving, particularly in the energy storage sector. The impact of the recent downturns and the growing complexity of the capital stack means energy start-ups need to be ahead of the curve to secure funding in an ever-changing environment.

From scaling energy technologies across diverse regulatory environments to the opportunities facing climate tech entrepreneurs today, the world of venture capital is changing and so must the strategies to ensure success.

In todays’s episode, Philipp Emig, Senior Vice President at Picus Capital, joins Quentin to discuss how start-up get funded in the energy transition. Throughout the conversation, you’ll hear about:

• The role of venture capital and early stage investing in climate tech and Picas Capital's focus in this.
• Trends in climate tech funding - from the decline in funding levels to the successes of battery and home energy control technologies.
• Differences between energy markets and comparisons of energy market development stages across regions.
• The importance of different types of investors at various stages of company growth.
• Grid-scale energy storage solutions and the potential for software-driven asset management in the energy sector

About our guest

Picus Capital invest in early-stage technology ventures with a focus on energy & climate, fintech, enterprise infrastructure, generative ai, cybersecurity, healthcare, and enterprise application, specializing in Pre-Seed, Seed and Series A ventures.

For more information on what Picus Capital do, check out their website.

Philipp joined Picus Capital in 2021, where he focuses on energy & climate investments, as well as on pre-seed stage efforts. Prior to this, Philipp worked for McKinsey & Company in Munich and advised clients across Europe in the energy, mobility and process industry mainly on innovation, strategy and sustainability topics.

About Modo Energy

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our podcasts are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, podcasts, data visualizations, live events, and more, follow us on LinkedIn or Twitter. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

Battery storage and renewable energy assets are only as effective as the systems that optimize them, and to do this, there needs to be clear and effective rules on how this is determined. Elexon is responsible for the Balancing & Settlement Code, or BSC, a document outlining the rules of the balancing mechanism and imbalance pricing in Great Britain. With the rise of smaller, aggregated assets and the push towards net zero, the energy landscape is changing fast, and things like the BSC need to adapt too.

In this episode of Transmission, we’re joined by Peter Stanley, CEO of Elexon, to explore the critical role of optimisation and trading in energy markets. From day-to-day operations to long-term strategy, Peter shares insights on how Elexon supports grid flexibility, maximizes asset value, and navigates a rapidly evolving energy landscape. Over the conversation you’ll hear about:

• The role of Elexon, how the company operates and the key processes it manages.
• Detailed breakdown of what the settlement process looks like in Great Britain.
• The impact of changing grid dynamics on Elexon's operations.
• Elexon’s emerging role in facilitating local distributed flexibility markets.
• Peter’s outlook on where optimization is headed in a changing energy landscape.

Mentioned in the episode

Peter highlights the fundraising efforts of Nyah & Danielle Lock who are taking part in the South West Coast 50 Ultra Challenge 2025, raising money for the Mardon Neuro-Rehabilitation Centre in Exeter.

You can find more information and they're just giving page here.

About our guest

Working at the heart of the GB energy industry, Elexon oversee The Balancing and Settlement Code (BSC),a legal contract all electricity participants must enter into in order to participate in the electricity market. For more information on what Elexon do, head to their website.

Peter Stanley is Chief Executive Officer of Elexon, joining Elexon's Executive team in 2016 and serving as Chief Operating Officer before assuming the role of CEO in 2023.

With over 35 years of experience in the electricity industry, Peter has a strong background in driving technology and data-focused transformations within the energy sector.

About Modo Energy

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our podcasts are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, podcasts, data visualizations, live events, and more, follow us on LinkedIn or Twitter. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

Battery storage and renewable energy assets are only as effective as the systems that optimize them, and to do this, there needs to be clear and effective rules on how this is determined. Elexon is responsible for the Balancing & Settlement Code, or BSC, a document outlining the rules of the balancing mechanism and imbalance pricing in Great Britain. With the rise of smaller, aggregated assets and the push towards net zero, the energy landscape is changing fast, and things like the BSC need to adapt too.

In this episode of Transmission, we’re joined by Peter Stanley, CEO of Elexon, to explore the critical role of optimisation and trading in energy markets. From day-to-day operations to long-term strategy, Peter shares insights on how Elexon supports grid flexibility, maximizes asset value, and navigates a rapidly evolving energy landscape. Over the conversation you’ll hear about:

• The role of Elexon, how the company operates and the key processes it manages.
• Detailed breakdown of what the settlement process looks like in Great Britain.
• The impact of changing grid dynamics on Elexon's operations.
• Elexon’s emerging role in facilitating local distributed flexibility markets.
• Peter’s outlook on where optimization is headed in a changing energy landscape.

Mentioned in the episode

Peter highlights the fundraising efforts of Nyah & Danielle Lock who are taking part in the South West Coast 50 Ultra Challenge 2025, raising money for the Mardon Neuro-Rehabilitation Centre in Exeter.

You can find more information and they're just giving page here.

About our guest

Working at the heart of the GB energy industry, Elexon oversee The Balancing and Settlement Code (BSC),a legal contract all electricity participants must enter into in order to participate in the electricity market. For more information on what Elexon do, head to their website.

Peter Stanley is Chief Executive Officer of Elexon, joining Elexon's Executive team in 2016 and serving as Chief Operating Officer before assuming the role of CEO in 2023.

With over 35 years of experience in the electricity industry, Peter has a strong background in driving technology and data-focused transformations within the energy sector.

About Modo Energy

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our podcasts are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, podcasts, data visualizations, live events, and more, follow us on LinkedIn or Twitter. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

The strategy for developing battery storage sites is unique to each individual project. From securing suitable land to obtaining a grid connection, every step plays a crucial role in creating the right conditions for a viable site. A developer’s expertise is essential in navigating these complexities, ensuring a project's success long before it becomes operational.

In this episode, Ravi Sharma, Director of Development - Energy Storage at Deriva Energy joins Quentin to explore the development process of battery energy storage systems in key markets in the US.

Over the course of the conversation, you’ll learn about:

• What each stage of the development process entails, from site acquisition to connecting to the grid.
• The developer's role in managing risk and uncertainty throughout project lifecycle.
• Complexity of estimating interconnection costs and upgrades.
• Insight into the competitive landscape for desirable sites and substations.
• The need for long-duration storage valuation and procurement.

About our guest

Deriva is an established leader in clean energy, with 5,900 megawatts of operating and under construction wind, utility scale solar and storage assets across the U.S. Formerly known as Duke Energy Renewables, Deriva is a portfolio company of Brookfield, one of the world's largest owners and operators of renewable power and climate transition assets.

Ravi Sharma is Director of Development for Energy Storage at Deriva Energy where he leads energy storage project development and manages interdisciplinary teams across various U.S. energy markets.

About Modo Energy

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our podcasts are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, podcasts, data visualizations, live events, and more, follow us on LinkedIn or Twitter. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

The strategy for developing battery storage sites is unique to each individual project. From securing suitable land to obtaining a grid connection, every step plays a crucial role in creating the right conditions for a viable site. A developer’s expertise is essential in navigating these complexities, ensuring a project's success long before it becomes operational.

In this episode, Ravi Sharma, Director of Development - Energy Storage at Deriva Energy joins Quentin to explore the development process of battery energy storage systems in key markets in the US.

Over the course of the conversation, you’ll learn about:

• What each stage of the development process entails, from site acquisition to connecting to the grid.
• The developer's role in managing risk and uncertainty throughout project lifecycle.
• Complexity of estimating interconnection costs and upgrades.
• Insight into the competitive landscape for desirable sites and substations.
• The need for long-duration storage valuation and procurement.

About our guest

Deriva is an established leader in clean energy, with 5,900 megawatts of operating and under construction wind, utility scale solar and storage assets across the U.S. Formerly known as Duke Energy Renewables, Deriva is a portfolio company of Brookfield, one of the world's largest owners and operators of renewable power and climate transition assets.

Ravi Sharma is Director of Development for Energy Storage at Deriva Energy where he leads energy storage project development and manages interdisciplinary teams across various U.S. energy markets.

About Modo Energy

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our podcasts are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, podcasts, data visualizations, live events, and more, follow us on LinkedIn or Twitter. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

Battery storage has become a key pillar of the energy transition, driving improvements in grid stability and renewable integration. Understanding how investment and technology have evolved over the last decade is key to grasping the market’s growth, the role of private equity, and the challenges and opportunities that lie ahead for large-scale deployment.

In this episode of Transmission, Jim Mills, Managing Director of Adaptogen Capital, shares his insights into the growth of the battery storage market and the role of private equity in driving change. From challenges in financing to future market trends, Jim offers a detailed look at the factors shaping the energy transition. Over the course of the conversation you’ll hear about:

• How the battery storage market has changed over the last 10 years, from early-stage development to large-scale deployment.
• Why private equity has been a key driver in scaling battery infrastructure and attracting institutional capital.

• Insights into the financial, regulatory, and technological hurdles that have impacted market growth.
• Jim’s take on emerging market trends, including the rise of co-located storage and grid-scale projects.
• How Adaptogen Capital identifies opportunities and structures deals to mitigate risk and maximize returns.

About our guest

Jim Mills is Managing Director at Adaptogen Capital. Jim has extensive experience in private equity and has successfully raised and deployed funds in the battery storage sector. With a career spanning over two decades, Jim has worked closely with energy developers, investors, and policymakers to navigate the complexities of renewable energy financing and infrastructure development.

Adaptogen Capital is an investment firm focused on energy storage projects that support grid stability and the transition to renewable energy. Investing in large-scale battery storage assets and helping to enhance grid flexibility and enable greater integration of renewable power sources. For more information, head to their website.

About Modo Energy

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our podcasts are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, podcasts, data visualizations, live events, and more, follow us on LinkedIn or Twitter. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

Battery storage has become a key pillar of the energy transition, driving improvements in grid stability and renewable integration. Understanding how investment and technology have evolved over the last decade is key to grasping the market’s growth, the role of private equity, and the challenges and opportunities that lie ahead for large-scale deployment.

In this episode of Transmission, Jim Mills, Managing Director of Adaptogen Capital, shares his insights into the growth of the battery storage market and the role of private equity in driving change. From challenges in financing to future market trends, Jim offers a detailed look at the factors shaping the energy transition. Over the course of the conversation you’ll hear about:

• How the battery storage market has changed over the last 10 years, from early-stage development to large-scale deployment.
• Why private equity has been a key driver in scaling battery infrastructure and attracting institutional capital.

• Insights into the financial, regulatory, and technological hurdles that have impacted market growth.
• Jim’s take on emerging market trends, including the rise of co-located storage and grid-scale projects.
• How Adaptogen Capital identifies opportunities and structures deals to mitigate risk and maximize returns.

About our guest

Jim Mills is Managing Director at Adaptogen Capital. Jim has extensive experience in private equity and has successfully raised and deployed funds in the battery storage sector. With a career spanning over two decades, Jim has worked closely with energy developers, investors, and policymakers to navigate the complexities of renewable energy financing and infrastructure development.

Adaptogen Capital is an investment firm focused on energy storage projects that support grid stability and the transition to renewable energy. Investing in large-scale battery storage assets and helping to enhance grid flexibility and enable greater integration of renewable power sources. For more information, head to their website.

About Modo Energy

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our podcasts are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, podcasts, data visualizations, live events, and more, follow us on LinkedIn or Twitter. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.

Italy is rapidly emerging as a major market for battery energy storage - but, unlike other regions, its approach has been highly structured. Instead of relying on pure merchant risk, Italy’s system operator is leading capacity auctions to accelerate deployment. So, how does this impact investment, and what does it mean for developers looking to enter the market?

This week, Quentin Scrimshire is joined by Mahael Fedele, CEO & Partner at Sphera Energy, to unpack what’s driving Italy’s battery boom. In this conversation, they explore how the new System Operator-led auction model is shaping investment decisions, what challenges developers face in securing grid connections, and whether the trend of shifting from development to long-term asset ownership is the right move.

Does Italy’s approach to storage create a reliable foundation for growth, or could it ultimately slow down private investment? We dive into the risks and opportunities of this approach, what it means for the future of energy storage in Europe, and where Sphera Energy fits into all of this.

In this episode, we cover:

• Why Italy’s structured capacity auctions differ from other European markets.
• The key challenges developers face in securing grid connections.
• Whether the shift from development to asset ownership makes sense in Italy.
• The role of long-duration storage and alternative chemistries.
• How Italy’s approach compares to the UK, the US, and other leading markets.

About the Guest

Mahael Fedele is the CEO & Partner at Sphera Energy, a battery storage development company focused on large-scale projects in Italy and Germany. With over 15 years in renewables, he has worked across multiple global markets - including Europe, APAC, and the US.

Before founding Sphera Energy, Mahael played key roles in delivering utility-scale projects and navigating complex regulatory environments. Today, his focus is on Italy, where Sphera Energy has become a leading player in the country’s evolving energy storage landscape.