Hostplus aims to achieve strong returns for our members and investors. We're also supporting Queensland's energy future by investing in the Blackstone battery initiative.
We’re a super fund working to provide our members and investors the financial future they deserve. So, when our investments can help store Australia’s renewable energy, that’s a bonus.
What is battery energy storage?
A battery is a type of technology that stores chemical energy. It then converts and releases the stored energy as electrical energy when needed.1 We use batteries every day in our mobile phones, cars, toys, and more.
Battery energy storage systems (BESS) are large-scale versions of these types of batteries.
BESSs are designed to store excess electricity generated during periods of low demand. The excess is released when demand is high or during power outages. They're flexible, versatile and cost-efficient. As such, they’re becoming a valuable form of renewable energy storage in Australia.2
The Blackstone BESS
Hostplus, through our partnership with Octopus Australia, is investing in a BESS that’s planned to be built in Blackstone, a suburb of Ipswich, Queensland.
Once completed, the Blackstone BESS will be the largest battery in Queensland. It’ll have the capacity to store 1,000 MWh of electricity. That’s enough to power up to 70,000 homes in one day.3
The Blackstone BESS is able to quickly supply power when demand is high, and therefore help stabilise the electricity grid.
The Queensland government has committed to meet a clean energy target of 70% renewable energy by 2032.4 BESS might help achieve that goal.
In the Queensland Energy and Jobs Plan, the government identified three benefits of battery storage:
- BESS is key to maintaining a reliable and resilient electricity system.
- There's the opportunity to build manufacturing capacity in Queensland.
- BESS will also support more secure and local skilled jobs.4
Helping build Australia’s future
Hostplus has invested over $9 billion in infrastructure investments. Opportunities like the Blackstone BESS with Octopus Australia diversify our investment portfolio, an important aspect in our aim to deliver sustainable long term returns for our members and investors. Learn more about some of our work in this space.