Infracapital, the infrastructure investment arm of M&G, has agreed to invest €110 million ($130 million) in thermal battery manufacturer EnergyNest.
The funding will be used to scale the deployment of EnergyNest’s thermal batteries, which are designed to store energy in the form of heat and help decarbonize industrial heat processes. It will also allow EnergyNest to offer long-term, financed energy storage solutions to customers with substantial energy and carbon cost savings.
With the investment, Infracapital will be the largest shareholder in EnergyNest.
“With governments around the world putting in place ambitious carbon reduction targets, we see great potential for growth,” said Andy Matthews, head of greenfield at Infracapital. “We are delighted to play a role in providing a solution to store and decarbonize energy whilst creating long-term value for our investors.”