EnergyNest has secured an investment of €110 million (£95m) to enable further growth providing financed turnkey thermal energy storage solutions for industrial clients.
The Norwegian technology company has signed an investment agreement with Infracapital, the infrastructure equity investment arm of FTSE 100 listed M&G, with the funding enabling 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.
It will offer long term, financed energy storage solutions to customers “with substantial energy and carbon cost savings”.
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.”
EnergyNest has delivered its first commercial project to Italian utility Eni and started the execution phase of further projects, one of them being awarded and funded by Innovation Norway.