Another capital-raising exercise to fund grid-scale batteries on Britain’s power networks has been over-subscribed by London investors.
Adaptogen Capital said this morning it has attracted £ 207 million of investors’ pledges to its storage fund, against the £175 million it had envisaged.
The cash will fund a pipeline of projects over the next three years. They included two initial projects located on Merseyside, which are set to begin construction this summer.
The Merseyside pair are forerunners in the company’s existing 500MW portfolio of six large scale projects which Adaptogen intends to develop at key points on England’s & Ireland’s grids.
Since its launch, the investment firm has enjoyed significant fundraising momentum against a challenging backdrop, with backers originating from the UK, Europe and the US.
Adaptogen estimates the UK needs to invest up to £11 billion worth of storage assets by 2035 to deliver on its energy transition ambitions.
Managing director James Mills said: “Battery energy storage is an essential part of the UK’s energy transition to net zero.
“Green energy markets must not only focus on renewable generation, but on the delivery of that energy to the system at the most optimal time and location.
“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.”
