Norwegian thermal battery maker EnergyNest, has signed an investment agreement with Infracapital, the infrastructure equity investment arm of M&G.

The agreement comprises a €110m investment into EnergyNest to enable further growth in energy storage solutions for industrial clients. Infracapital will now be the largest shareholder in the business.

EnergyNest’s thermal storage includes Norwegian chemical giant Yara and Italian energy company Eni as clients and the additional funding will enable the scaling of the deployment of EnergyNest’s thermal batteries that store energy in the form of heat and help decarbonise industrial heat processes.

The investment from Infracapital will allow EnergyNest to offer long-rm, 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.”

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