UK Battery Developer Aims to Raise Millions for Europe Expansion
(Bloomberg) -- UK battery developer Harmony Energy Ltd. is planning a capital raise as it pushes into new markets in Europe, where surging wind and solar are straining grids and boosting demand for storage.
The company, which wants to start on projects in Germany and Italy, is looking to secure about £300 million (around $400 million) from investors in exchange for a stake in the firm. As part of its growth strategy, Harmony Energy plans to build out its existing 14-gigawatt pipeline.
The developer sees opportunities in less mature battery markets, with Germany attracting interest due to large amounts of intermittent renewables and grid constraints. The UK market is already among Europe’s most advanced.
“Germany, in terms of storage markets right now, is probably the standout,” said Peter Kavanagh, the founder of Harmony Energy, who added that the UK, France, Poland and Italy were other key countries for the company.
Europe’s energy transition is accelerating, with more wind and solar capacity added each day. However, storing this energy for use during times when the wind isn’t blowing and the sun isn’t shining is still a challenge — and one that batteries can help solve. Traders are also getting involved, using batteries to buy power when it’s cheap and sell it when prices rise.
Harmony Energy plans to start raising capital in the fall and has 2 gigawatts worth of projects ready for construction by the end of the year. The firm has built and brought online over 700 megawatts across its battery projects.
Earlier this week, Harmony Energy’s 100-megawatt Cheviré battery project in the city of Nantes began operations, about a year after construction began. The energy storage site, using Tesla Inc.’s Megapack product, will be France’s largest, with capacity to power 170,000 homes for two hours, the company said.
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