Tag Archives: Renewable energy

KKR Invests In Avantus To Support Renewable Energy Deployment In The United States

KKR

Transaction Marks First U.S. Investment from KKR’s Global Climate Strategy

NEW YORK–(BUSINESS WIRE)– Today, KKR, a leading global investment firm, announced the signing of a definitive agreement pursuant to which investment funds and accounts managed by KKR agreed to acquire a majority stake in Avantus, a premier U.S. developer of large utility-scale solar and solar-plus-storage projects. Following the close of the transaction, KKR and existing investor EIG, a leading institutional investor in the global energy and infrastructure sectors, will be the sole equity investors in Avantus. Both equity sponsors are dedicated to supporting the next phase of Avantus’ growth, including having secured commitments for a substantial development financing facility alongside their equity commitments to the company, totaling upwards of $1 billion in the aggregate.

Founded in 2009, Avantus supports solar and energy storage development throughout the project lifecycle – from selecting a project site through operations – and owns a large project pipeline of 30 GWp of solar and 94 GWh of battery storage, enough to provide 20 million people with clean, reliable power. The company has a substantial presence and track-record of successful development in the southwestern U.S. and California power markets, which are among the highest-quality markets for development in the U.S. Since its founding, Avantus has developed and sold 6.5 GWp and 6.3 GWh of solar and storage projects, respectively.

Avantus is poised to benefit from material secular tailwinds supporting renewables development in the United States. According to BloombergNEF, global energy transition investment needs to almost triple from today’s investment levels to align with global climate goals. Together, investment in renewable energy and power grids is expected to continue to draw the largest share of energy transition spending.1

“To support an economy-wide energy transition, there is a need to significantly expand renewable energy generation by 2050 and enable grid electrification. Because of these tailwinds, we see enormous opportunity for Avantus. The company’s impressive team and development track record, coupled with its mature project pipeline, set it apart from other renewables developers,” said Charlie Gailliot, Partner and Co-Head of Global Climate Strategy, KKR. “We are delighted to support Avantus in realizing its full potential.”

Cecilio Velasco, Managing Director in KKR’s Infrastructure team, added, “We look forward to working with Avantus and EIG and leveraging KKR’s substantial resources and operational expertise to accelerate the growth of the business. Today marks the beginning of a new era for the company, one that will help further the transition of the power sector through sustainable, clean energy solutions.”

Blair Thomas, EIG Chairman and CEO, said, “EIG has been pleased to support Avantus since 2021, through capital solutions uniquely tailored to the company’s needs and goals. Throughout our partnership, Avantus has maintained and extended its position as one of the leading and most innovative renewables developers in the United States, helping to spur the industry’s rapid growth and expanding access to affordable, reliable and clean energy. We are excited to continue working with the Avantus team and are pleased to welcome KKR as we pursue the next phases of Avantus’ growth and evolution.”

“Solar is the fastest growing electricity source in the U.S.2, and along with energy storage, will serve as the backbone of a modern electric grid that is clean, reliable and resilient,” said Patrick Goff, Chief Financial Officer at Avantus. “KKR’s investment provides Avantus the financial backing and expertise to execute on our ambitious portfolio and lead the energy transition across the Western United States. We are thrilled to embark on this new chapter with KKR and EIG and continue our company’s growth.”

Following the closing of the transaction, KKR will support Avantus in creating an equity ownership program to provide all employees the opportunity to participate in the benefits of ownership of the company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of total equity value to over 60,000 non-management employees across more than 40 companies.

With over 15 years of experience in infrastructure investing, KKR has deep expertise in renewable energy and climate-related investments and has invested more than $15 billion in this sector from its infrastructure platform alone. KKR is funding the investment from its global climate strategy, which is dedicated to investing in solutions at scale to support the transition to a low-carbon economy.

Jefferies LLC acted as sole financial advisor to KKR. KKR Capital Markets and Sumitomo Mitsui Banking Corporation (SMBC) acted as the lead structuring agents and arrangers of a development financing facility for the Company. Scotiabank served as financial advisor to Avantus.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Avantus

Avantus is shaping the future by making reliable, low-cost clean energy a global reality. Our legacy of leadership in next generation solar energy includes developing one of the nation’s largest solar clusters and one of the first projects to beat fossil fuel prices back in 2016. Today, we are expanding the boundaries of existing technologies to build one of the largest portfolios of solar plants with integrated storage, capable of providing 20 million people with affordable, zero-emission energy – day and night.

For more information, please visit www.avantus.com, and follow Avantus on LinkedIn.

About EIG

EIG is a leading institutional investor in the global energy and infrastructure sectors with $22.9 billion under management as of December 31, 2023. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 41-year history, EIG has committed over $47.1 billion to the energy sector through over 405 projects or companies in 42 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG’s website at www.eigpartners.com.

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1 BloombergNEF: Energy Transition Investment Trends 2024
2 U.S. Solar Market Insight 2023 Year in Review

Media:
KKR
Liidia Liuksila
(212) 750-8300
media@kkr.com

Avantus
Katie Struble
press@avantus.com

EIG
FGS Global
Kelly Kimberly / Brandon Messina
+1 212-687-8080
EIG@fgsglobal.com

Source: KKR

 

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InfraRed Capital Partners completes purchase of renewables assets from Shell

InfraRed Capital Partners
19 March 2024 Investments

InfraRed Capital Partners (“InfraRed”) is pleased to announce that it has completed the acquisition of a portfolio of two operating, utility-scale renewable energy assets in the US from Shell Windenergy Inc. (“Shell”) and Savion Equity LLC (“Savion”), subsidiaries of Shell plc. This investment, which was undertaken on behalf of an InfraRed managed fund and co-investment vehicle, is a reflection of the attractiveness of the North American energy transition.

The portfolio includes a 60% stake in Brazos, a 182 MW onshore wind farm in Texas, as well as a 50% stake in Madison Fields, a 180 MW solar farm in Ohio. Shell will continue to own the remaining 40% stake of Brazos wind and Savion will continue to own a 50% stake in Madison Fields solar.

Shell will remain the asset and energy manager of Brazos and Madison Fields, and both projects will receive Inflation Reduction Act (“IRA”) tax credits.

Jack Paris, CEO, InfraRed, said:

“These assets benefit from contracted revenues with strong counterparties for attractive term-lengths and opportunities for yield enhancements through the Production Tax Credits under the IRA. They complement our North American energy transition portfolio of investments and also provide direct access to this growing market for some of our co-investors.

“This acquisition is both highly attractive as an investment and to further develop our strategic relationship with Shell, as we explore more opportunities within the region.”

ENDS

About InfraRed Capital Partners

InfraRed Capital Partners is an international infrastructure asset manager, with more than 160+ professionals operating worldwide from offices in London, Madrid, New York, Sydney and Seoul. Over the past 25 years, InfraRed has established itself as a highly successful developer and steward of infrastructure assets that play a vital role in supporting communities. InfraRed manages US$14bn of equity capital[1] for investors around the globe, in listed and private funds across both core and value-add strategies.

A long-term sustainability-led mindset is integral to how InfraRed operates as it aims to achieve lasting, positive impacts and deliver on its vision of Creating Better Futures. InfraRed has been a signatory of the Principles of Responsible Investment since 2011 and has achieved the highest possible PRI rating[2] for its infrastructure business for eight consecutive assessments, having secured a 5-star rating for the 2023 period. It is also a member of the Net Zero Asset Manager’s Initiative and is a TCFD supporter.

InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. InfraRed represents the infrastructure equity arm of SLC Management, which also incorporates BGO, a global real estate investment management adviser, and Crescent Capital, a global alternative credit investment asset manager.

[1] $14bn equity under management (USD) – Uses 5-year average FX as at 30th September 2023 of GBP/USD of 1.2944; EUR/USD 1.1291. EUM is USD 13.597m

[2] Principles for Responsible Investment (“PRI”) ratings are based on following a set of Principles, including incorporating ESG issues into investment analysis, decision-making processes and ownership policies. More information is available at https://www.unpri.org/about-the-pri

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KKR To Invest In Encavis AG To Accelerate The Company’s Long-Term Growth

KKR
  • KKR announces the signing of an Investment Agreement with Encavis as part of a takeover offer. The Management Board and the Supervisory Board of Encavis are fully supportive of the strategic partnership and intend to recommend that all shareholders accept the offer.
  • ABACON and other shareholders have signed binding agreements to sell and roll-over Encavis shares to BidCo and are fully supportive of the takeover offer. Viessmann will invest as shareholder in the KKR-led consortium.
  • The voluntary public takeover offer for all outstanding free float shares of Encavis will be launched at the offer price of EUR 17.50 per share, representing a 33% premium to the undisturbed 3-month volume-weighted average share price as of 5 March 20241 and a 54% premium to the closing price of EUR 11.35 per share on 5 March 20241.
  • The takeover offer will be subject to a minimum acceptance threshold ensuring that after settlement of the offer, BidCo will hold at least 50% plus one share of the capital and voting rights in Encavis on a fully diluted basis considering the conversion of up to all of the convertible bonds. KKR and the Management Board intend to delist Encavis as soon as practically possible after closing.
  • Together with the Management Board of Encavis and certain existing shareholders, including ABACON, KKR and Viessmann will enable Encavis to expand its contribution to Europe’s green energy transition. The consortium is expected to bolster the Company’s project pipeline, amplify capacity and extend its reach in core markets.
  • KKR does not require a domination and profit and loss transfer agreement (“DPLTA”) to finance the takeover offer or to realise the strategic and economic objectives and hence has undertaken not to enter into a DPLTA with Encavis for at least two years.

March 14, 2024 – Today, Blitz 21-823 AG (in future: Elbe BidCo AG, “BidCo”), a holding company controlled by investment funds, vehicles and accounts advised and managed by Kohlberg Kravis Roberts & Co. L.P. and its affiliates (collectively, “KKR”) has signed an Investment Agreement with Encavis AG (“Encavis”), a leading and proven German renewable energy platform and independent power producer (“IPP”). As part of the transaction, BidCo will launch a voluntary public takeover offer for all outstanding free float shares of the Company. Viessmann Group GmbH & Co. KG (“Viessmann”) will invest as shareholder in a KKR-led consortium. ABACON CAPITAL (“ABACON”) and other shareholders have signed binding agreements to sell ca. 18% and roll-over ca. 13% of Encavis shares and are fully supportive of the takeover offer.

Encavis AG operates a portfolio of more than 190 solar photovoltaic (“PV”) and more than 40 onshore wind farms with a current operating capacity of around 2.2 GW across 10 European countries. Encavis has long-term power purchase agreements with various high-quality counterparties in place in addition to a multi-year project pipeline. The well-managed diversified asset base together with the ability to be a fully integrated local pan-European partner, positions Encavis as a strong independent player in key markets such as Germany, Spain, Denmark, Italy, and France. Furthermore, the Company demonstrates a proven capability across the entire value chain, construction, financing, operation and in-house maintenance. With KKR’s and Viessmann’s support, Encavis is poised for an accelerated growth across all these segments.

“Unlocking the full potential of renewable energy requires expertise as well as substantial long-term capital. We are pleased that KKR’s strategic investment will provide Encavis with the necessary long-term financial resources at a pivotal time for the Company and position it to seize emerging opportunities and solidify its strength in the clean energy landscape. Furthermore, it also contributes to fostering a more energy-independent Europe,” said Vincent Policard, Partner and Co-Head of European Infrastructure at KKR.

Max Viessmann, CEO of Viessmann: “The collaboration with KKR and our investment in Encavis are important steps in our commitment to expanding our entrepreneurial activities and our responsibility for the future of our planet. With a clear focus on our purpose, we are reinvesting the proceeds from the transatlantic partnership of our climate solutions business with Carrier Global into our family business in order to expand our ecosystem of co-creators who share the same responsibility: Maximizing the positive impact for generations to come.”

Dr Christoph Husmann, Spokesman of the Management Board and Chief Financial Officer (CFO) of Encavis said: “Over the past years, Encavis has grown into one of the leading independent power producers in Europe and has strong ambitions to further continue on this growth path. With KKR and Viessmann, we aim to bring partners on board who share the same long-term and entrepreneurial approach and extensive experience of investing behind the energy transition. We are convinced that with the additional financial and strategic support, we will be able to leverage our assets and competences and take our business to the next level to compete with the largest European players.”

“We are convinced that Encavis has great potential. We want to increase and accelerate its realization. This requires strong partners – and we have now found them. The group of investors led by ABACON therefore supports KKR’s offer and welcomes KKR and Viessmann’s entry. We remain invested in Encavis and look forward to working actively together in the future,” said Tobias Krauss, CEO ABACON CAPITAL.

The transaction strengthens Germany’s energy future and supports the broader renewable energy transition in Europe

The strategic partnership between KKR, Viessmann, ABACON and Encavis not only positions Encavis as a leading German player in the energy transition, but also supports the broader renewable energy transition across Europe. Encavis is well positioned to benefit from ambitious national and international plans for solar and wind expansion. Additional financial support from KKR and Viessmann will enable the Company to capitalise on promising growth opportunities in the sector. The strategic partnership will further enable Encavis to bolster its project development pipeline, increase capacity and facilitate expansion into new markets. In addition, KKR, Viessmann and ABACON fully support the current growth strategy of the management team.

KKR and Viessmann have a long track record in the energy and infrastructure sector

KKR and Viessmann provide significant expertise in global infrastructure, with a particular focus on the energy sector, and have a proven track record of investing in companies on a long-term basis.

Furthermore, KKR and Viessmann share a commitment to investing in the future of renewable energy and are convinced by Encavis’ strong potential with the right support and resources.

KKR is excited to build on its long tradition of successful partnerships with family businesses in Germany and to work with Viessmann. With USD 59 billion of infrastructure assets under management, including over USD 15 billion invested in the energy transition, KKR brings a global investment perspective, extensive experience in large-scale infrastructure projects and a proven track record in European high-profile transactions such as Vantage Towers, Viridor, Zenobe or Greenvolt.

Viessmann brings a rich heritage in energy solutions, technological innovation, and a strong commitment to sustainability.

The family company is enlarging its ecosystem with strategic acquisitions and entrepreneurial co-investments to strengthen the impact of its purpose of co-creating living spaces for generations to come. Viessmann has already been successfully active with targeted investments for many years. Following its value-driven approach of entrepreneurs for entrepreneurs, it has been accelerating the growth of more than 25 mid-sized companies and family businesses globally in the past years.

The long-standing shareholder ABACON supports the growth partnership between KKR, Viessmann and Encavis and will remain an indirect long-term investor in the Company. The support of existing shareholders, including ABACON, as well as the management of Encavis and Viessmann makes this transaction a true German partnership solution and ensures business continuity for all stakeholders.

Following its first investment in the DACH region in the late 1990s, KKR has expanded its local footprint and has had an office in Frankfurt since 2018. In total, KKR has already invested over EUR 15 billion in long-term equity in over 30 companies in the region across various alternative asset classes. Across the DACH region, KKR has an exceptional track record of developing global market leaders, primarily through strategic partnership deals such as in Vantage Towers, GfK, Körber Supply Chain Software, Scout24 Switzerland and Wella Company.

Voluntary public takeover offer

As part of the strategic partnership, BidCo will launch a voluntary public takeover offer to the shareholders of Encavis. Encavis shareholders will be offered EUR 17.50 per share in cash. Encavis shareholders will benefit from a 33% premium to the undisturbed 3-month volume-weighted average share price as of 5 March 2024 and a 54% premium to the closing price of EUR 11.35 per share on 5 March 2024, i.e. the last close prior to the ad hoc announcement from Encavis confirming talks on a potential transaction with KKR.

The voluntary public takeover offer will be subject to a minimum acceptance threshold of 54.2852% of all outstanding Encavis shares, including the ca. 18% of Encavis shares that ABACON and other shareholders will sell and the ca. 13% of Encavis shares that ABACON and other shareholders will roll-over to the BidCo under binding agreements.

The voluntary public takeover offer will be subject to various customary offer conditions, including the receipt of regulatory, antitrust and FDI approvals, with closing expected in Q4 2024.

As part of the transaction, BidCo and Encavis have entered into an Investment Agreement in which Encavis agreed to support the takeover offer. Subject to their review of the offer document, the Management Board and Supervisory Board of Encavis support the offer and intend to recommend that Encavis shareholders accept the offer. The current Management Board members of Encavis will continue to lead the Company.

KKR does not require a domination and profit and loss transfer agreement (“DPLTA”) to finance the takeover offer or to realise the strategic and economic objectives and hence has undertaken not to enter into a DPLTA with Encavis for at least two years. In the Investment Agreement, BidCo has agreed with Encavis not to pursue a DPLTA for at least a two-year-period.

Post-settlement, BidCo intends to delist Encavis from the stock exchange as soon as practically possible after closing. Under private ownership, Encavis would be able to benefit from financial flexibility and a long-term commitment of KKR and Viessmann, allowing it to capitalise on attractive growth opportunities even better.

Offer document and further information

The voluntary public takeover offer will be made pursuant to an offer document to be approved by the German Federal Financial Supervisory Authority (BaFin). This offer document will be published following receipt of permission from BaFin, at which point the initial acceptance period of the takeover offer will commence. The offer document (in German and a non-binding English translation) and other information pertaining to the voluntary public takeover offer will be published on the following website: www.elbe-offer.com.

KKR will be investing through its Core Infrastructure strategy.

PJT Partners is acting as financial advisor and Latham & Watkins and Hengeler Mueller are acting as legal advisors on the takeover offer.

1 The last close prior to the ad hoc announcement from Encavis confirming talks on a potential transaction with KKR.

2 This accounts for potential dilution of existing shareholders from conversion of the hybrid convertible bonds; equivalent to 50% plus one share in case of a conversion of all of the hybrid convertible bonds.

###

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries.

KKR established its Global Infrastructure business in 2008 and has since grown to one of the largest infrastructure investors globally with a team of more than 115 dedicated investment professionals. The firm currently oversees approximately USD 59 billion in infrastructure assets globally as of 31 December 2023, and has made over 80 infrastructure investments across a range of sub-sectors and geographies. KKR’s infrastructure platform is devised specifically for long-term, capital intensive structural investments.

For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Viessmann
Founded in 1917, the independent family company Viessmann is today a global, broadly diversified Group. All activities are based on the company’s purpose “We co-create living spaces for generations to come”. This is the passion and responsibility that the large worldwide Viessmann family brings to life every day. Following this purpose, Viessmann forms an ecosystem of entrepreneurs and co-creators with a clear focus on CO2 avoidance, CO2 reduction and CO2 capturing.

About ABACON
ABACON CAPITAL, a family-owned investment firm, champions the sustainable energy transition, pioneering mobility solutions, and groundbreaking deep tech. Our mission centers on uplifting communities, fostering purposeful endeavors, and ensuring profitability, all while advancing societal and environmental well-being.

Founded by Albert Büll, a visionary entrepreneur and investor with a legacy in nurturing sustainable enterprises – such as B&L Group in real estate development, Encavis AG in renewable energy production, and noventic in smart metering and energy management – ABACON is built on a foundation of innovation and responsibility.

About Encavis
The Encavis AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) is a producer of electricity from Renewable Energies listed on the MDAX of Deutsche Börse AG. As one of the leading independent power producers (IPP), Encavis acquires and operates (onshore) wind farms and solar parks in twelve European countries. The plants for sustainable energy production generate stable yields through guaranteed feed-in tariffs (FIT) or long-term power purchase agreements (PPA). The Encavis Group’s total generation capacity currently adds up to around 3.6 gigawatts (GW), of which around 2.2 GW belong to the Encavis AG, which corresponds to a total saving of around 0.8 million tonnes of CO2 per year stand-alone for the Encavis AG. In addition, the Group currently has around 1.2 GW of capacity under construction, of which around 830 MW are own assets.

Within the Encavis Group, Encavis Asset Management AG offers fund services to institutional investors. Another Group member company is XYZ S.p.A., based in Parma, Italy, a specialised provider of technical services for the installation, operation, maintenance, revamping and repowering of photovoltaic systems across Europe.

Encavis is a signatory of the UN Global Compact as well as of the UN PRI network. Encavis AG’s environmental, social and governance performance has been awarded by two of the world’s leading ESG rating agencies. MSCI ESG Ratings awarded the corporate ESG performance with their “AA” level and ISS ESG with their “Prime” label (A-).

Additional information can be found on www.encavis.com

Media Contacts

KKR
Thea Bichmann
Mobile: +49 (0) 172 13 99 761
Email: kkr_germany@fgsglobal.com

Emily Lagemann
Mobile: +49 (0) 160 99 27 13 35
Email: kkr_germany@fgsglobal.com

Viessmann
Byung-Hun Park
Vice President Corporate Communications
E: huni@viessmann.com
M: +49151-64911317

Disclaimer and forward-looking statements
This press release is neither an offer to purchase nor a solicitation of an offer to sell Encavis Shares. The final terms of the Takeover Offer as well as other provisions relating to the Takeover Offer will be communicated in the offer document after the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) has permitted the publication of the offer document. Investors and holders of Encavis Shares are strongly advised to read the offer document and all other documents relating to the Takeover Offer as soon as they have been made public, as they will contain important information. The offer document for the Takeover Offer (in German and a non-binding English translation) with the detailed terms and conditions and other information on the Takeover Offer will be published after approval by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) amongst other information on the internet at www.elbe-offer.com.

The Takeover Offer will be implemented exclusively on the basis of the applicable provisions of German law, in particular the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG), and certain securities law provisions of the United States of America relating to cross-border takeover offers. The Takeover Offer will not be conducted in accordance with the legal requirements of jurisdictions other than the Federal Republic of Germany or the United States of America (as applicable). Accordingly, no notices, filings, approvals or authorizations for the Takeover Offer have been filed, caused to be filed or granted outside the Federal Republic of Germany or the United States of America (as applicable). Investors and holders of Encavis Shares cannot rely on being protected by the investor protection laws of any jurisdiction other than the Federal Republic of Germany or the United States of America (as applicable). Subject to the exceptions described in the offer document and, where applicable, any exemptions to be granted by the respective regulatory authorities, no takeover offer will be made, directly or indirectly, in those jurisdictions in which this would constitute a violation of applicable law. This press release may not be released or otherwise distributed in whole or in part, in any jurisdiction in which the Takeover Offer would be prohibited by applicable law.

The Bidder reserves the right, to the extent permitted by law, to directly or indirectly acquire additional Encavis Shares outside the Takeover Offer on or off the stock exchange, provided that such acquisitions or arrangements to acquire are not made in the United States, will comply with the applicable German statutory provisions, in particular the WpÜG, and the Offer Price is increased in accordance with the WpÜG, to match any consideration paid outside of the Offer if higher than the Offer Price. If such acquisitions take place, information on such acquisitions, including the number of Encavis Shares acquired or to be acquired and the consideration paid or agreed, will be published without undue delay if and to the extent required under the laws of the Federal Republic of Germany, the United States or any other relevant jurisdiction. The Takeover Offer will relate to shares in a German company admitted to trading on the Frankfurt Stock Exchange and Hamburg Stock Exchange and will be subject to the disclosure requirements, rules and practices applicable to companies listed in the Federal Republic of Germany, which differ from those of the United States and other jurisdictions in certain material respects. The financial information relating to the Bidder and Encavis included elsewhere, including in the offer document, will be prepared in accordance with provisions applicable in the Federal Republic of Germany and will not be prepared in accordance with generally accepted accounting principles in the United States; therefore, it may not be comparable to financial information relating to United States companies or companies from other jurisdictions outside the Federal Republic of Germany. The Takeover Offer will be made in the United States pursuant to Section 14(e) of, and Regulation 14E under, the Exchange Act, and on the basis of the so-called Tier II exemption from certain requirements of the Exchange Act, which exemption allows a bidder to comply with certain substantive and procedural rules of the Exchange Act for takeover bids by complying with the law or practice of the domestic legal system and exempts the bidder from complying with certain other rules of the Exchange Act, and otherwise in accordance with the requirements of the laws of the Federal Republic of Germany. Shareholders from the United States should note that Encavis is not listed on a United States securities exchange, is not subject to the periodic requirements of the Exchange Act and is not required to, and does not, file any reports with the United States Securities and Exchange Commission.

Any contract entered into with the Bidder as a result of the acceptance of the planned Takeover Offer will be governed exclusively by and construed in accordance with the laws of the Federal Republic of Germany. It may be difficult for shareholders from the United States (or from elsewhere outside of Germany) to enforce certain rights and claims arising in connection with the Takeover Offer under United States federal securities laws (or other laws they are acquainted with) since the Bidder and Encavis are located outside the United States (or the jurisdiction where the shareholder resides), and their respective officers and directors reside outside the United States (or the jurisdiction where the shareholder resides). It may not be possible to sue a non-United States company or its officers or directors in a non-United States court for violations of United States securities laws. It also may not be possible to compel a non-United States company or its subsidiaries to submit themselves to a United States court’s judgment.

 

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Renewcast secures €850K in seed funding to revolitionize wind power forecasting

Helen Ventures

Renewcast, an innovative Italian company specializing in advanced wind power generation forecasting, has successfully closed its seed financing round, raising approximately €850,000. This round was led by Helen Venture of Finland and saw follow-on participation from Tech4Planet, the National Technology Transfer Hub of Environmental Sustainability launched by CDP Venture Capital SGR, along with continued support from funding team and previous investors Beamline Fund, and Mindtitan, the latest as strategic development partner.

Renewcast is at the forefront of the wind power generation forecasting technology with its proprietary SaaS AI/Deep Learning platform. The platform enables more accurate forecasting of day-ahead and intra-day wind production based on existing weather forecasts data, creating significant balancing cost savings.

Fabio Nicolò, CEO and Founder of Renewcast, says, “We are excited and honored for the trust and support shown by Helen Venture, CdP Tech4Planet, along with all our existing partner and investors. This funding will greatly accelerate our market penetration and enhance our technological capabilities, enabling us to serve a global portfolio of corporate clients with our fully automated Azure Cloud based platform.”

Mikael Myllymäki, Vice President and Head Of Helen Ventures adds, “Wind forecasting represents a huge market opportunity, especially in the context of strongly fluctuating energy prices and imperative of deploying renewable energy production. We are convinced in Renewcast’s exceptional prediction accuracy, as validated by our experts, and the seasoned management team leading the company, who have secured great early customer traction.”

Claudia Pingue, head of CDP Venture Capital SGR’s Technology Transfer Fund, comments, “The reliability of wind forecasting is crucial for the sustainable transition to renewable energy. The global market potential, combined with Renewcast’s experienced team and deep market understanding, made this an attractive investment, reinforced by strong validation from major utilities.”

Renewcast has already proven its technology with over 500 MW of installed wind turbines across Italy and Europe. Clients such as Utilitas Wind in Latvia have scaled up from pilot to commercial service, recognizing the superior reliability of Renewcast’s forecasting.

Renars Urbanovics, Board Member of Utilitas Wind Latvia, states, “Renewcast’s forecasting reliability is 20-30% better than our benchmark. We’re fully confident in the value we receive from Renewcast’s services, which is why we’ve opted for a premium-price-for-premium-performance agreement.”

The successful closure of this seed round was facilitated by the expert legal guidance of Avvocati. Net team (Alessandro M. Lerro, Matteo Ettore Panizza, Giulio De Bruno) for Renewcast, and Orrick, Herrington & Sutcliffe (Europe) LLP team (Attilio Mazzilli, Alessandro Vittoria, Pietro Fazzini, Claudia Francesca Micol Cirinà), representing Helen Ventures.

Founded in 2020, Renewcast is emerging as a game-changer in the wind power generation forecasting industry with its cutting-edge machine learning SaaS platform. The company has been recognized with awards such as “Bando Pre-Seed” and Boost Your Ideas from Lazio Innova, and is part of the Beamline Accelerator Portfolio which contributed significantly to reach current results. Supported by MindTitan as a technological strategic partner, Renewcast’s dynamic leadership team is propelling the company toward global leadership in renewable forecasting services.

The team is lead by CEO & Founder Fabio Nicolò, with over 28 years of experience in management consulting in the energy sector across Italy, Europe, and the USA, and an Executive MBA from Stanford, USA; Ugo Mattoni, CCO & Co-Founder, with 35+ years in the energy sector in Italy and Europe, and an MBA from Luiss Business School; Sibghat Ullah, Senior ML Engineer & Co-Founder, with 5+ years in IT, Data Science, AI & ML engineering, holding a PhD in Data Science and a Master’s Degree in Computer Science; and Marco Piscopiello, Product Optimization Lead, Holding a degree in engineering, with more than 12 years of experience in the energy sector, power and demand forecasting, data science, and data architectures.

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Eurazeo renews its support for electra to accelerate the development of European electric mobility

Eurazeo

Eurazeo has announced its Eurazeo Transition Infrastructure Fund will make an additional investment in Electra, a company specializing in fast charging solutions for electric vehicles. This commitment comes as part of a €304 million funding round – a record amount for the sector – thereby providing the resources the company requires to develop its European business.

Eurazeo first acquired a stake in Electra’s capital in June 2022, and became a cornerstone investor in the company. Electra has since witnessed a sustained period of rapid growth, expanding operations in eight European countries (France, Germany, Belgium, Luxembourg, Italy, Switzerland, Austria and Spain), deploying nearly 1,000 charging hubs, and establishing several strategic partnerships (including VINCI Autoroutes, Altarea, AccorInvest, G7, Stellantis, MG, Honda, and Europcar).

Specializing in electric vehicle charging solutions for urban areas, Electra is helping to facilitate the transition to electric mobility through the widespread deployment of reliable, easy-to-use, and rapid charging hubs in the public domain.

With this new round of fundraising, which marked the arrival of blue-chip investors – including the Dutch pension fund PGGM and French government investment arm Bpifrance – and with the renewed support of its existing investors, in particular Eurazeo, as well as RIVE Private Investment, Serena and the SNCF Group via 574 Invest, Electra has the resources for its next stage of growth.

With this additional investment in Electra, Eurazeo continues to deploy its Eurazeo Transition Infrastructure Fund into sustainable assets, having already invested in six companies involved in the ecological and digital transition (Ikaros Solar, Resource, Etix Everywhere, TSE, and 2BSI).

Aurélien de Meaux, co-founder and CEO of Electra, said:

“This round of fundraising will enable Electra to become one of the leading names in the European fast charging market. The support of PGGM, a long- term, blue chip European investor, and the renewed trust of existing investors, such as Eurazeo, will help us bolster our network and increase investments to continue expanding our coverage. The transition toward electric mobility is an essential component of the energy transition, as the transportation industry is the largest emitter of CO2 in France. We are creating a network of extremely easy-to-use hubs so people are excited about switching to an electric vehicle, rather than feeling they have to.”

Melissa Cohen, Managing Director – Infrastructure at Eurazeo, said:

“We are really pleased about the scale of the funds raised by Electra, which sees the arrival of high-profile investors. This injection of capital will enable the company to finance its expansion in Europe while continuing to provide the best user experience possible. We are proud to reiterate our support to Electra and help driving the transition toward a low-carbon economy by encouraging people to adopt electric vehicles, which is in line with our sustainable investment objectives.”

Dennis van Alphen, Director of Investment in Infrastructure at PGGM, said:

“The PGGM Infrastructure Fund fully supports Electra’s ambition to become a pan-European player in the market for ultra-rapid electric vehicle charging hubs. The company has a first-rate management team and occupies a solid position in strategic locations within a highly buoyant market that is set to enjoy rapid expansion in Europe over the coming years. The investment in Electra offers our clients, including the Pensioenfonds Zorg en Welzijn (PFZW), a strong, predictable yield over the long term. Here, policyholders’ investments are allocated to financing the transition toward sustainable electric mobility, thereby contributing to the sustainability objective, which is key to our clients. A good yield for clients’ policyholders goes hand in hand with a sustainable future.”

Information – Individual investors

Eurazeo Investment Manager (EIM) and Eurazeo Mid Cap (EMC) are merging to form Eurazeo Global Investor (EGI)

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Vow Green Metals AS: Long-term supply agreement for biocarbon signed with Elkem

Reiten

Vow Green Metals, a leading producer of biocarbon and other carbon-neutral products, today signed a supply agreement for the annual delivery of 15,000 tons of biocarbon to Elkem, one of the world’s leading providers of advanced silicon-based materials.

The agreement comes into force when the first large-scale biocarbon volumes are delivered and the ongoing qualification process to ensure an optimized and competitive product is successfully completed. The supply agreement has a duration of five years with an option for a further five-year extension of the contract.

The volumes will be delivered from Vow Green Metals’ large-scale 20,000 tons production plant under development at Hønefoss, set to become one of Europe’s largest, with an abatement potential of 100,000 tons of fossil CO2 p.a. In line with Vow Green Metals’ commercial strategy, the company retains the remaining available volumes, exceeding 5,000 tons, to further mature and develop collaborations with other industrial offtakers to meet the increasing demand for biocarbon.

“Today we celebrate a major milestone in our efforts to build a new green industry as we are demonstrating that biocarbon is a commercially mature product. This supply agreement with Elkem paves the way for biocarbon production for the metallurgical industry to play an important role in the green transition, said Chief Executive Officer of Vow Green Metals, Cecilie Jonassen.

“Elkem aims to be part of the solution to combat climate change – and to be one of the winners in the green transition. Our mission is to provide advanced silicon-based materials shaping a better and more sustainable future, and we have a climate roadmap which aims to reduce emissions towards net zero while growing our business. Replacing fossil carbon sources with biocarbon in our smelting operations is a key potential for reducing our fossil CO2 emissions, and this supply agreement with Vow Green Metals is part of our efforts to develop competitive sourcing of biocarbon. Our aim is to increase our share of biocarbon to 50 percent by 2030 globally,” said Elkem’s Senior Vice President for Silicon Products, Inge Grubben-Strømnes.

Go to press release

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Ardian and Solarpack successfully complete strategic transaction to enhance their renewable energy portfolios in Chile and Peru

Ardian

Ardian now owns 100% of three solar PV plants in northern Chile, totaling 26.5 MW, and one solar PV plant in southern Peru, boasting 22.2 MW.

Ardian, a world-leading private investment house, closed a transaction with Solarpack, a Spain-based renewable energy company, to optimize Ardian’s portfolio of solar plants in Chile and Peru.
The positive outcome of this transaction reflects the commitment of both parties to maximize the potential of their respective renewable energy assets.
In a joint decision after a fruitful partnership, Ardian and Solarpack have chosen to dissolve their joint venture, allowing each partner to retain 100% ownership of their respective portfolios of solar plants. This streamlined approach aligns with Ardian’s strategic vision to enhance operational efficiency and seamlessly integrate the solar PV plants into Ardian’s global renewable portfolio. The transaction allows Ardian to integrate the retained solar PV plants into Ardian’s global renewable portfolio for increased efficiency and enhanced operating performance.
As a result of the transaction, Ardian now owns 100% of a portfolio of three plants located in northern Chile, totaling 26.5 MW, and 100% of Tacna, a 22.2 MW solar PV plant in southern Peru. On the other hand, Solarpack now owns 100% of Panamericana, a 21.2 MW solar PV plant in southern Peru, and 100% of Moquegua, a 19.4 MW solar PV plant in southern Peru.
Furthermore, Ardian terminated existing Asset Management agreements with Solarpack for its retained assets, paving the way for AGR-AM, the renewable asset manager dedicated exclusively to Ardian’s portfolio in Spain and Latin America, to assume direct management responsibilities. This strategic shift aims to align asset management with Ardian’s core objectives and leverage AGR-AM’s extensive experience in optimizing renewable assets across Spain, Portugal, and Latin America.
This new, simpler structure allows Ardian to obtain full control of the plants, manage them more directly, and fully integrate them with the rest of the Ardian Clean Energy Evergreen Fund (ACEEF) portfolio, including the hydroelectric plants recently acquired in Peru. This move demonstrates Ardian’s commitment to bolstering its renewable energy assets and enhancing operational efficiency within its ACEEF portfolio.

“The reconfiguration of our solar assets in Chile and Peru is very strategic for us and underscores our commitment to optimizing our renewable energy portfolio. This transaction enables Ardian to gain full ownership of excellent solar plants, empowering us to manage and integrate them seamlessly within the ACEEF portfolio. We believe this move will not only enhance operational efficiency but also align with our broader vision of promoting sustainability and clean energy.” ● BENJAMIN KENNEDY ● MANAGING DIRECTOR RENEWABLES INFRASTRUCTURE, ARDIAN

“It’s been an honour to support Ardian on this transaction. With this project in which the AGR-AM team has worked closely with the Ardian team in a very complex deal, a new period of challenging growth is opened for both in Latam. From this moment, AGR-AM will have the opportunity to replicate the outstanding management quality standards already developed for Ardian’s assets, integrating different technologies into the generation matrix (photovoltaic and hydro) as a fundamental pillar of Ardian’s future expansion in the region.” ● SANTIAGO VARELA ● AGR-AM

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $160bn of assets on behalf of more than 1,560 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT AGR-AM

AGR-AM leads the asset management strategy of Ardian’s Renewable Portfolio (Wind, Solar PV and Hydro) in Iberia and Latin America. Our team has more than 15 years of experience in the renewable sector, ensuring a deep understanding of the industry and energy markets. AGR-AM supports Ardian in new M&A opportunities, especially related to new clean technologies, the energy transition and sustainable and circular economy.

PRESS CONTACT

ARDIAN

LLYC

faspillaga@llycglobal.com

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Vulcain Engineering continues its growth with the support of Ardian, EMZ and Tikehau Capital

EMZ Partners

Vulcain, the engineering group which specializes in energy transition and life sciences, and employs more than 3,500 people, has announced the exit of its shareholders Equistone Partners Europe and Sagard with a new LBO.

Accompanied by more than 350 employee shareholders, Co-CEOs of Vulcain Frédéric Grard and Alban Guilloteau have strengthened their positions in the group’s capital and governance structures. With the help of their long-standing advisor, D&A Corporate Finance, the founding managers steered a limited process that brought together a consortium of leading investors to support the group’s exponential growth.

Ardian, a world-leading private investment house, coordinates the consortium with Tikehau Capital, a world-leading private equity player in decarbonization and EMZ, a specialist in supporting founding managers.

Bpifrance, Amundi Private Equity Funds and the Fonds France Nucléaire managed by Siparex complete the financing round by providing specific expertise.

A pool of banks made up of leading players is financing the deal through senior debt, supplemented by mezzanine financing provided by Eurazeo Private Debt, the group’s long-standing partner.

With this transaction, the Group will have access to substantial and diversified financial resources, as well as French institutional shareholders committed to an entrepreneurial approach.

With the support of Equistone and Sagard, Vulcain has expanded rapidly over the past four years, growing from sales of €160m in 2019 to €370m by 2023. The realisation of current external growth opportunities should enable the company to cross the €450m threshold in 2024.

Its positioning as a multi-specialist engineering expert in critical infrastructures allows Vulcain to take advantage of mega-trends linked to the energy transition, with expertise in nuclear power, renewable energies, gas, hydrogen, energy transmission and distribution networks, and railways. The Group’s market opportunity is further bolstered by sovereignty issues in the pharmaceutical industry.

Vulcain’s track record of external growth, with 27 acquisitions made since 2019, has enabled it to strengthen its relationship with its major customers, and to expand its range of high added-value services, as well as its geographical presence.

It now generates more than 35% of its business abroad, particularly in the UK, Finland, Belgium, Spain, Switzerland, Denmark, Sweden and Germany, as well as in North and Latin America.
The Group’s ambition is to continue to expand internationally and deepen its offering in terms of digitising engineering processes and making the most of data relating to facilities and infrastructures, notably through acquisitions.

The ambition of the joint CEOs Alban Guilloteau and Frédéric Grard is to continue to develop their company in line with the convictions and values that drive them. The quality of Vulcain’s workforce and the underlying markets open up the prospect of achieving sales of €1 billion under the next strategic plan.
Completion of the transaction remains subject to the usual pre closing conditions for this type of transaction, and in particular to obtain the required regulatory authorizations.

“After a decade of working together, we are delighted to have succeeded in building a multicultural management team within Vulcain and in involving more than 350 employees in our entrepreneurial and shareholder adventure. The consortium of leading investors that we are announcing today is the result of the work carried out by all the group’s employees over the last few years, which has enabled Vulcain to become a leading European player in the energy transition.”Alban Guilloteau & Frédéric Grard, CO-CEO’s, Vulcain

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Nordic Capital acquires majority share in Sesol, a green tech frontrunner within renewable energy

Nordic Capital

DECEMBER 12 2023

  • Sesol is a leading, fast-growing Swedish specialist solar PV installer, supporting customers in their renewable energy transition
  • The Company offers solar PV, batteries, and EV chargers with a focus on residential, agricultural, and commercial customers
  • Together with Nordic Capital, Sesol will continue to play a key role in building the electricity network of the future

Nordic Capital has signed an agreement to acquire a majority share in Sesol and enter into a partnership with Sesol’s founders and management to support the continued success of the company’s growth trajectory and expansion. Sesol is a leading specialist solar PV (photovoltaic) installer, offering solar PV, batteries, and EV chargers to residential, agricultural, and commercial customers, helping its customers to reduce CO2 emission through turnkey renewable energy solutions. The Company has in a short time, become one of Sweden’s leading installers of solar PV solutions across the entire value chain spanning from planning to the finished installation. The founders of Sesol will continue to be engaged in the company as board members and will stay on as significant minority shareholders alongside Nordic Capital. The current minority owner SEB Private Equity will divest their holding in connection to the transaction.

Sesol is headquartered in Jönköping, Sweden and has, since its foundation in 2019, grown rapidly and profitably from a startup to over 1,000 employees in 14 locations, with forecasted revenues of close to SEK 3 billion for 2023. The company has an innovative and scalable centralised operating model, including a strong salesforce and local in-house installation teams. The company has significant growth potential across products, services, and geographies. Sesol has installed over 500,000 solar panels at more than 20,000 end-users, which resulted in >100 MW capacity in 2022.

Nordic Capital has over 30 years’ experience of accelerating growth of innovative companies and will look to leverage its sector knowledge and operational experience with a focus on organic growth, geographic expansion, digitalisation, and further investments into operational excellence to help realise Sesol’s full potential as a green tech frontrunner. The partnership with Sesol fits well with Nordic Capital’s focus of backing growth companies with business models enabling the green transition as Foxway, Sortera, Autocirc and Hjo Installation.

Robert Szöcs, CEO, Sesol, said: “This is a recognition of our strong business model, skilled employees and outstanding culture and we’re very proud to have Nordic Capital as a new partner on our growth journey. We share the same vision and culture. Now we can strengthen our growth and our offering that will drive the solar energy sector forward.”

Victor Salomonsson, Founder, Sesol, said: “We are immensely proud how we have managed to build a leading supplier of solar PV and battery solutions across the entire chain from planning to the finished installation since 2019. Partnering up with an experienced investor as Nordic Capital will provide valuable expertise which will able us to support us on our growth journey as well as our ability to enable more clients to reduce their carbon footprint in an easy and safe manner. We are looking forward to working together.”

Andreas Näsvik, Partner and Head of Industrial & Business Services, Nordic Capital Advisors, said: “We are very impressed with the development of Sesol and how the team has managed to build such an efficient and robust operating model and to become a leader within solar PV installations in only four years. Nordic Capital looks forward to supporting Sesol to reach its goal of becoming a SEK 10 billion company and together continuing to help accelerate the transformation of the energy sector”.

Magnus Ramström, Investment Director, SEB Private Equity said: “We invested in Sesol back in 2022, a differentiated solar PV installer catering an untapped market strongly driven by sustainability and the green energy transition. The partnership represents exactly the type of investments we are looking for, an exceptional management team operating in one of our core investment themes – sustainability. Working with the Sesol-organisation and its founders has been a fantastic growth journey taking the company from approx. SEK 300 million in turnover to its current strong position. We believe that Nordic Capital will be a great new home for Sesol and are confident that Sesol and its management is well-positioned to continue its success story”.

The parties have agreed that the terms of the transaction will not be disclosed. Completion of the transaction is expected in Q1 2024, and is subject to customary closing conditions, including relevant regulatory approvals.

Deutsche Bank acted as financial adviser to Sesol’s shareholders.

Media contacts:

Nordic Capital
Katarina Janerud
Communications Manager, Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

Sesol
Kevin Larsson
Marketing Director
Tel: +46 760 02 68 41
e-mail: kevin@sesol.se

SEB Private Equity
Niklas Magnusson,
Head of Media Relations & External Communication
Group Staff, Control & Support, Stockholm, Sweden
Tel: +46 70 763 82 43
e-mail: niklas.x.magnusson@seb.se

 

About Sesol

Sesol is one of Sweden’s leading suppliers of solar PV installations, offering solutions across the entire value chain, spanning from planning to the finished installation. Sesol’s inhouse team consists of sales teams, project managers and installation teams. The company has over 1 000 employees and delivers solar installations with the highest customer satisfaction in focus. For further information, see www.sesol.se

 

About Nordic Capital

Nordic Capital is a leading sector-specialised private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested EUR 23 billion in 140 investments. The most recent entities are Nordic Capital XI with EUR 9.0 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway, and South Korea. For further information about Nordic Capital, please visit www.nordiccapital.com.

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.


About SEB Private Equity

SEB Private Equity is an active investor in privately owned companies world-wide with total capital under management of c. USD 4 billion from external institutional clients. In the Nordics, SEB Private Equity focuses on control investments in small- to midsized companies within sustainability, technology, and healthcare. The objective is to create long-term value through strategic and operational improvements enabled by an active ownership model.

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Breakthrough Energy Catalyst announces €240 million of funding commitments to accelerate high impact climate solutions in Europe

Breakthrough Energy

The EU-Catalyst partnership will accelerate the deployment of emerging climate technologies

A rendering of Orstead's FlagshipONE project, the largest e-Methanol project in Europe

Breakthrough Energy Catalyst, alongside the European Commission and the European Investment Bank (“EIB”), announced funding commitments to the partnership’s first two European projects today: the Ørsted FlagshipONE project, the largest e-Methanol project in Europe, and Energy Dome’s Ottana Project, a first-of-a-kind long duration energy storage project deploying Energy Dome’s CO2 Battery technology. The EU-Catalyst partnership plans to mobilize up to €840 million of public and private funds to accelerate the deployment of emerging climate technologies.

Catalyst will acquire an approximately 15% equity interest in Ørsted’s FlagshipONE project and provide a grant, alongside a quasi-equity investment from the EIB and a grant from the European Commission, subject to the satisfaction of funding conditions. FlagshipONE will utilize hydrogen produced from renewable energy, and biogenic carbon dioxide captured from a biomass-fired combined heat and power plant, to produce up to 55,000 tons of e-Methanol per year. This first-of-a-kind, commercial-scale ‘Power-to-X project would be Europe’s largest e-Methanol plant, and will supply fuel to decarbonize the shipping sector, which accounts for approximately 3% of global carbon emissions.

Additionally, Catalyst has committed to a project-level grant of up to €35 million to support construction of Energy Dome’s Ottana CO2 Battery Project, subject to the satisfaction of funding conditions. EIB has also made a €25 million Venture Debt financing commitment, subject to the satisfaction of funding conditions. The project will be located in Sardinia, Italy, and will use a standard frame 20MW / 200MWh CO2 Battery capable of delivering energy to the grid for 10 consecutive hours. Energy Dome’s technology will provide energy storage and grid services, with robust performance (high round-trip efficiency) and capex requirements that are more competitive than Lithium-Ion for utility-scale long duration energy storage.

Read more about the EU-Catalyst partnership, the Orsted FlagshipONE project, and the Energy Dome project.

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