UK’s National Wealth Fund (NWF) has invested £50m in AMP Clean Energy, a company that helps businesses switch to cleaner heating and builds large-scale battery storage and power generators.
The recently established national wealth fund said it has made the equity investment in AMP to support the development of hundreds of battery box sites, “offering an innovative solution to storing energy close to local communities and providing essential flexibility to the grid”.
Chancellor of the exchequer Rachel Reeves said: “Investing to decarbonise the grid will help supply secure, affordable, and renewable energy which is good for growth, businesses and jobs. Fuelling the clean energy revolution with local projects like this is a vital part of our plan for change.”
John Flint, NWF CEO, said: “We have an important role to play crowding private sector investment into the battery storage sector, to help build resilience into the UK’s renewable energy provision. AMP Clean Energy’s battery box offers an innovative solution to capitalise on local grid connections and support energy storage and grid flexibility in communities across the UK.”
Asterion Industrial Partners acquired AMP Clean Energy in 2020.
Guido Mitrani, founding partner of Asterion Industrial Partners, said: “We are proud of AMP Clean Energy’s progress since our initial involvement and are pleased to welcome the National Wealth Fund as a partner in the UK’s energy transition and in accelerating the next phase of the company’s growth.
”This collaborative effort strengthens AMP’s position to contribute meaningfully to the Clean Power 2030 goals, and we remain fully committed and confident in its continued success and impact.”
Mark Tarry, CEO of AMP Clean Energy, said: “We’re delighted to receive this investment from the National Wealth Fund. It will accelerate our ability to build the kind of energy infrastructure the UK needs: practical, low-carbon projects that support both local grid flexibility and industrial decarbonisation.
“This backing helps us go further and faster, delivering more sites, more value to customers, and more progress towards a cleaner, more resilient energy system.”
To read the latest IPE Real Assets magazine click here.
