Battery storage investment firm Adaptogen Capital has raised £207m (€241m) to invest in the UK and Ireland.

The company said the capital commitments secured for Adaptogen Battery Storage exceeded the fund’s £175m target.

Adaptogen Battery Storage was backed by 50 investors consisting of institutions, family offices and high net-worth individuals, including significant financial backing from the founding directors of Adaptogen Capital.

Adaptogen Battery Storage fund is an energy infrastructure fund focused on developing, constructing and operating grid-scale and distributed storage assets.

Adaptogen said it has developed a pipeline of projects for the fund’s investment over the next three years, including two initial assets located near Liverpool, UK, which have broken ground and will begin construction this summer. Overall, the fund intends to develop a 500MW portfolio of six large-scale projects at key nodal points on the energy grid.

James Mills, managing director at Adaptogen Capital, said: “Battery energy storage is an essential part of the UK’s energy transition to net zero. We cannot fully decarbonise our economy without massive-scale investment into storage assets to facilitate more efficient deployment of renewable energy as we move away from fossil fuels.”

To read the latest edition of the latest IPE Real Assets magazine click here.