Norwegian thermal battery pioneer EnergyNest has signed an investment agreement with Infracapital totalling €110m to enable further growth and finance for turnkey energy storage solutions for industrial clients.
Infracapital, the infrastructure equity investment arm of the FTSE100-listed M&G, will be the largest shareholder in EnergyNest.
EnergyNest has a market-ready battery and has projects in execution, including for Norwegian chemical giant Yara and Italian energy company Eni, where installation is expected to take place in the second quarter of this year, the company said.
The additional funding will enable the scaling of the deployment of EnergyNest’s thermal batteries, that are designed to store energy in the form of heat and help decarbonise industrial heat processes.
EnergyNest chief executive Christian Thiel said: “Together with Infracapital we can deliver CO2 and energy cost savings to even more customers from day one.
“With our fully-financed turnkey solutions we make it easier for industry players to adapt our climate friendly technology at zero upfront investment costs.
“Infracapital are the ideal partner for us to grow EnergyNest internationally, with their invaluable experience and network.”
Infracapital head of greenfield Andy Matthews said: “We are excited to announce this partnership with EnergyNest.
“Its technology is providing innovative environmental and economic benefits.
“With governments around the world putting in place ambitious carbon reduction targets, we see great potential for growth.
“We are delighted to play a role in providing a solution to store and decarbonise energy whilst creating long-term value for our investors.”