PRESS RELEASE: EnergyNest closes €110m transaction with M&G-backed Infracapital

EnergyNest, the global market leader in thermal batteries, today announces it has closed the €110 million transaction with Infracapital, the infrastructure equity investment arm of the FTSE 100 listed M&G plc.

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(Oslo/Hamburg/London, 13 July 2021)

EnergyNest, the global market leader in thermal batteries, today announces it has closed the €110 million transaction with Infracapital, the infrastructure equity investment arm of the FTSE 100 listed M&G plc.


With the investment into EnergyNest finalised, the company will embark on its ambitious international growth path. Part of this growth path is to roll out an offering of fully financed, turnkey ThermalBattery™ solutions for its customers.


Christian Thiel, EnergyNest CEO, said:

“This is a huge milestone for us at EnergyNest. We are raring to go: our technology is proven, recognised and ready to save millions of tonnes of CO2.”


 Andy Matthews, Head of Greenfield at Infracapital, said:

“We are delighted to start work with EnergyNest and to be involved in the future growth of such an exciting company. EnergyNest’s thermal storage technology will play a vital role in achieving carbon reduction targets and we see real value for our investors.”


With all eyes on net zero, EnergyNest’s technology can go a long way in reducing emissions and tackling underutilization of energy in hard to abate industrial sectors. By electrifying and flexibilizing process heat, EnergyNest increases energy efficiency of industrial manufacturers and enables them to switch to renewables while maintaining stable and efficient production of their products.



Decarbonising industrial processes which generate excess heat remains one of the major challenges in the global fight against climate change. The electrification of industrial heat is emerging as a significant decarbonization opportunity. EnergyNest has developed and implemented a cost-effective technology that allows either the use of industrial waste heat as primary energy or the use of renewable power in industrial heat processes – a market that is estimated to be worth around EUR 300 billion by 2030.


EnergyNest has a proven track record and has several commercial projects in the pipeline, including a ThermalBattery™ for a solar energy plant of Italian energy company Eni, and a “steam-on-demand” project with Norwegian chemical company Yara.

EnergyNest was advised in this transaction by Augusta & Co, led by Charlie Hodges.


Media contacts:


Inez Vilar, Brunswick Group – / +44 782 352 7145


Tobias Niehaus, Brunswick Group – / +49 174 1952 439

About EnergyNest:

EnergyNest is a Norwegian technology company founded in 2011. The company has developed a highly flexible Thermal Batteries, which enable customers along the entire energy system to maximize the value of their energy. It is the first company that developed Thermal Batteries on a market-ready level. EnergyNest has already several commercial projects under development with the first one to be finalised in the first half of 2021. EnergyNest’s technological solutions have been recently recognised with the following awards: Mission Innovation TOP 100 Global Innovations; Nordic Cleantech winner; Horizon2020 SME-I Award; WWF Climate Solver Award.

About Infracapital:

Infracapital invests in, builds and manages a diverse range of essential infrastructure to meet the changing needs of society and support long-term economic growth. We take an active role in all of our investments, whether nascent or large, to fulfil their potential and ensure they are adaptable and resilient. Our approach creates value for our investors, as we target investments with the scope for stable and sustainable growth. Our portfolio companies work closely with the communities where they are based, to the benefit of all stakeholders. Infracapital is well positioned to deliver the significant investment required to help build the future. The founder-led team of experienced specialists has worked with more than 50 companies around Europe and has raised and manages over £6.5 billion of client capital across six funds.

Infracapital is part of M&G Plc, a leading European savings and investments business. M&G manages the long-term savings of more than 5 million people and is a major investor in the UK and in the global economy. Total assets under management and administration are £367 billion (as at 31 December 2020).

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