Field Energy, a developer, and operator of battery energy storage systems, secured a £200 million (~$257 million) investment from DIF Capital Partners via their DIF Infrastructure VII fund. The investment will allow Field Energy to accelerate the development and buildout of its 4.5 GWh pipeline of grid-scale battery energy storage projects in the UK and Western Europe.
Their Energy storage systems are aimed to increase grid resilience by storing energy generated during times of lower demand to be stored and released back into the grid during peak demand.
Commenting on the investment, Amit Gudka, Field Energy CEO, said: “We will not be able to meet net-zero targets without significant investment in new energy infrastructure. Battery storage is a critical part of that infrastructure. The more we can build, the more effective mass usage of wind and solar power will become”.
The Investor, DIF Capital Partners, via their DIF Infrastructure VII fund, made a significant move in the energy storage space earlier this year by acquiring a portfolio of solar and storage projects in the UK.
Gijs Voskuyl, Partner and Deputy CEO at DIF said: “We’re very excited to make a second investment in the battery storage sector, which we see as a critical component for the UK energy industry to reach Net Zero and which we see as highly complementary to DIF’s extensive renewable energy portfolio,”
DIF was advised by PwC (financial) and Herbert Smith Freehills (legal). Field Energy was advised by Nomura Greentech (financial) and Dentons (legal adviser).
According to Mercom’s recently released 1H And Q2 2023 Funding and M&A Report for Storage & Smart Grid. Corporate funding into Energy Storage companies reached $7.1 billion in 59 deals in 1H 2023, with Energy storage system developers ranking 5th as a funding category in the report, $407 million in 1H 2023.
Energy Dome, a provider of long-duration energy storage solutions, recently closed the second tranche of its Series B funding round with €15 million (~$16.7 million), bringing the total amount raised in the oversubscribed round to €55 million (~$61 million).
