European thermal battery developer inks major investment agreement with Infracapital as it seeks to accelerate roll out of industrial heat storage technologies
Thermal battery pioneer EnergyNest has today announced it has secured €110m investment as part of a deal with Infracapital, the infrastructure equity investment arm of the FTSE 100 listed M&G plc.
The Norway-based company said the latest investment, which makes Infracapital the largest shareholder in the business, will enable further international expansion for EnergyNest and its plans to provide modular heat-based energy storage systems for a wide range of industrial clients.
EnergyNest describes itself as one of the first thermal storage companies globally with a market ready battery and 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 firm claims that it is targeting an industrial heat energy storage market that could be worth over €300bn a year in the coming decades.
The fresh investment is expected to enable the enable the company to both scale up the development of its thermal batteries and offer long term, financed energy storage solutions to customers that unlock "substantial energy and carbon cost savings".
"Together with Infracapital we can deliver CO2 and energy cost savings to even more customers from day one," said Christian Thiel, EnergyNest CEO "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."
His comments were echoed by Andy Matthews, head of greenfield at Infracapital, who said EnergyNest's technology was providing a range of innovative environmental and economic benefits. "With governments around the world putting in place ambitious carbon reduction targets, we see great potential for growth," he added. "We are delighted to play a role in providing a solution to store and decarbonise energy whilst creating long-term value for our investors."