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M&A: EQT Infrastructure Acquires Battery Storage Company Statera Energy

November 6, 2023 by Joe Panettieri

EQT Infrastructure IV is acquiring battery storage and green hydrogen specialist Statera Energy from InfraRed Capital Partners. The purchase price was not disclosed, but the deal was valued at roughly £500 million (US$620 million), Bloomberg reported.

Tom Vernon, CEO, Stratera Energy
Tom Vernon, CEO, Statera Energy

The EQT Infrastructure IV fund, launched in 2019, typically invests EUR 100 million to EUR 600 million into businesses. The fund is managed from Luxembourg -- a small European country that neighbors Belgium, Germany and France. Example investments in the fund include edge data center specialist EdgeConneX and network services provider Zayo.

Statera, founded in 2015, is based in London, United Kingdom. The company specializes in battery storage, pumped hydro and green hydrogen production. Statera has "1GW of flexible generation in operation and under construction, enough to power around 750,000 homes, and a total project pipeline of over 16GW, with plans to deliver 7.5GW of flexibility assets by 2030," the company said. Key Statera partners include Statkraft, which positions itself as Europe's largest renewable energy generator.

InfraRed had owned Statera Energy since 2017 -- though we don't know the original purchase price or company valuation. Rumors about InfraRed Capital Partners potentially selling Statera Energy surfaced in April 2023.

Related List: See all M&A deals involving green IT, renewable energy & sustainability listed here.

EQT Acquires Statera Energy: Executive Perspectives

Francesco Starace, partner, EQT Group
Francesco Starace, partner, EQT Group

In a prepared statement about the deal, Francesco Starace, partner within the EQT Infrastructure advisory team, said: "In a world increasingly reliant on intermittent renewables and striving to achieve Net Zero emissions, battery storage and other flexible generation solutions are imperative. Both the public and private sectors must commit time, expertise, and capital to innovative solutions that can expedite the energy transition. The partnership between EQT and Statera is an exciting step towards achieving this goal.”

Added Statera founder and CEO Tom Vernon: “It is essential that flexible generation and energy storage technologies are deployed at scale to enable the vast amounts of renewables required to decarbonize power systems. Statera directly addresses this challenge by developing and operating projects which provide the resilience and flexibility required to balance the grid. InfraRed and the team at Statera have been critical components of our success to date, and I am hugely excited to embark on our next phase of growth, in partnership with EQT. This transaction is a significant milestone, and the scale of EQT’s financial support and global footprint means Statera is well positioned to deliver its pipeline of battery, pumped hydro and green hydrogen technologies.”

Stephane Kofman, InfraRed Capital Partners
Stephane Kofman, head of Capital Gain Funds, InfraRed Capital Partners

Concluded Stephane Kofman, head of Capital Gain Funds at InfraRed Capital Partners: “Having identified early on the fundamental need for flexibility and storage, we are very pleased to have worked closely alongside management to create a company that is a now a market leader and is playing a key role in facilitating the UK’s energy transition to a low carbon, high renewables future. Throughout our ownership we have continued to support management in evolving and implementing the company strategy, growing the operational and development asset base, actively mitigating revenue volatility and helping to add key infrastructure capabilities across the organisation.”

The deal is expected to close around the end of 2023.

EQT: Additional Example Investments

EQT's various investment funds target the green IT services market in multiple ways. For instance:

See EQT's current investment portfolio here.

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