EQT Infrastructure VI fund has agreed to acquire UK storage player Statera Energy from InfraRed Capital Partners.
Established in 2015 and headquartered in London, Statera is a prominent player in the UK’s battery storage, green hydrogen and flexible energy generation sector, with a robust development track record, EQT said.
In addition to being an early entrant in the battery space, it recognised the importance of other key flexible technologies, namely pumped hydro and green hydrogen production, which are expected to aid the UK’s transition to a predominantly intermittent renewable energy supply.
Statera has 1GW of flexible generation in operation and under construction, enough to power around 750,000 homes, and a total project pipeline of over 16GW, with plans to deliver 7.5GW of flexibility assets by 2030.
EQT Infrastructure will support the Statera management team and platform by providing access to growth capital to accelerate the deployment of flexible generation across the UK.
It will also draw upon its significant experience of owning and developing companies that are driving the energy transition, as well as the expertise of its 600-person strong global network of industrial advisors.
Francesco Starace, partner within the EQT Infrastructure Advisory Team, said: “In a world increasingly reliant on intermittent renewables and striving to achieve Net Zero emissions, battery storage and other flexible generation solutions are imperative.
“Both the public and private sectors must commit time, expertise, and capital to innovative solutions that can expedite the energy transition. The partnership between EQT and Statera is an exciting step towards achieving this goal.”
Tom Vernon, founder and chief executive of Statera, added: “It is essential that flexible generation and energy storage technologies are deployed at scale to enable the vast amounts of renewables required to decarbonize power systems.
“Statera directly addresses this challenge by developing and operating projects which provide the resilience and flexibility required to balance the grid.
“InfraRed and the team at Statera have been critical components of our success to date, and I am hugely excited to embark on our next phase of growth, in partnership with EQT.
“This transaction is a significant milestone, and the scale of EQT’s financial support and global footprint means Statera is well positioned to deliver its pipeline of battery, pumped hydro and green hydrogen technologies.”
The transaction is subject to customary conditions and approvals. It is expected to close around the end of the year.