Infracapital is investing €110m for a majority stake in thermal battery company EnergyNest.

The infrastructure equity investment arm of M&G said it is investing to help support the rollout of EnergyNest’s energy storage solutions to industrial customers and accelerate the Norwegian technology company’s international growth plans.

Founded in 2011, EnergyNest’s pipeline of commercial projects includes an energy storage project for Italian energy company Eni, a “steam-on-demand” project with Norwegian chemical company Yara and a joint project with Siemens Energy for a Japanese energy company. An additional pipeline project aims to use excess renewable electricity to replace natural gas.

Infracapital said it is making the investment from its greenfield strategy, which seeks to build, deliver and operate essential and sustainable greenfield infrastructure across Europe.

The investment follows Infracapital’s recent investment in Zenobe, the sustainable transport and power storage solutions business.

Andy Matthews, the 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.”

Christian Thiel, CEO of EnergyNest, 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.”

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