Case study - Electricity storage: UKIB has announced, alongside this Strategy, that following an expressions of interest process it will appoint managers for equity funds covering both short and long duration electricity storage. UKIB will invest on a matched basis, crowding-in wider sources of finance. Going forward, UKIB expect to make direct investments in the electricity storage sector, which was identified as an investment opportunity in their Strategic Plan. UKIB is now operational and, as of 27 March 2023, has announced 12 deals, investing approximately £1.2 billion and unlocking over £5 billion of private capital. Projects that contribute towards meeting net zero include: UKIB published a Strategic Plan in Summer 2022, which sets out how it will deliver on its mission across its five priority sectors: clean energy; digital; transport; water; and, waste.154 Projects which UKIB invests in must meet its triple bottom line: achieving one or both of its strategic objectives (tackling climate change and promoting economic growth across the UK), generating a positive financial return and demonstrating additionality. It will focus where there's an undersupply of private finance and reducing barriers to investment - thereby crowding-in private capital.