Climate Action

EnergyNest secures €110m investment for thermal battery boost

EnergyNest has announced it has signed an investment agreement with Infracapital.

  • 12 April 2021
  • Press Release

EnergyNest has announced it has signed an investment agreement with Infracapital.

The agreement comprises a €110 million investment into EnergyNest to enable further international growth providing financed turnkey energy storage solutions for industrial clients.

Infracapital will be the largest shareholder in the business. Following significant growth and international expansion of the Norwegian technology company, Infracapital has taken the opportunity to invest in the ThermalBattery™ leader in what has been evaluated to be a €300+ billion market.

Christian Thiel, EnergyNest CEO, 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.”

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 decarbonize industrial heat processes. With the EU’s target to reduce CO2 emissions by at least 55% by 2030, and bullish international targets to reach net zero and ‘Build Back Better’, decarbonizing hard-to-abate sectors will be a major challenge in the coming years.

The investment from Infracapital will allow EnergyNest to offer long term, financed energy storage solutions to customers with substantial energy and carbon cost savings.

Andy Matthews, Head of Greenfield at Infracapital, 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.”

This investment is the latest milestone following the most successful year since EnergyNest’s inception. EnergyNest has seen a rapid uptake in interest in its technology in 2020, including a partnership with Siemens Energy involving a first joint project for a leading Japanese energy company as well as new client relationships. 

Photograph: EnergyNest

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