Investors are being offered the opportunity to return batteries and battery power through two new London floats.
Harmony Energy Income Trust, a new fund investing in battery storage infrastructure, and electric vehicle charging business Pod Point both announced plans for an IPO on Monday.
Harmony Energy is seeking to raise £230 million to invest in ‘shovel ready’ battery storage projects in partnership with electric carmaker Tesla. Harmony will buy Tesla’s MegaPack battery, which can be used for up to 2 hours, and the carmaker’s Autobidder AI software to manage business with National Grid.
The battery will absorb excess renewable energy in times of low demand and then sell it back to the grid during times of high demand.
“The company offers investors an opportunity to invest in a rapidly growing part of the renewable energy sector, as wind and solar renewable energy projects increase, so will the need for battery storage energy systems as well,” said potential president of Harmony Energy Income. Norman Critten said faith, said.
Separately, Pod Point announced plans to list in London. The company, established in 2009, installs and runs electric vehicle charging infrastructure across the UK. Pod Points has installed over 89,000 home charge points and 13,000 commercial units, many of which have been established through partnerships with companies such as Barratt Homes, Lidl and Tesco. Revenue grew 123% to £26.5 million in the first half of 2021.
“An IPO will be a major milestone in the Pod Points journey, enabling us to continue investing in our network, charge points, technology and people, while helping us move towards our goal of the pod points you park with.” helps grow,” said Eric Fairbairn, chief executive and founder.
The IPO is a spin-out of EDF Energy, which acquired a majority stake in Pod Point in February 2020 through a joint venture with Legal & General.