Bulb co-founder raises £100m for battery storage firm Field Energy

A battery storage firm arrange by one of many co-founders of Bulb Energy has clinched £100m of latest funding as he seeks to broaden it throughout Europe.

Sky News has learnt that Field Energy, which was arrange by Amit Gudka after his departure from Bulb, has secured the capital from DIF Capital Partners, a Dutch infrastructure investor.

Industry sources mentioned the fundraising was anticipated to be introduced by Field within the coming weeks.

The cash might be used to speed up the corporate’s rollout of renewable vitality infrastructure, with a string of battery storage websites already operational throughout the UK.

It is Field’s first funding spherical because the center of final yr, when the corporate raised £30m of fairness from traders led by Plural, a enterprise capital fund.

Field additionally secured a £47m debt facility from Triple Point Energy Efficiency Infrastructure Company.

Battery storage corporations equivalent to Field are anticipated to play an more and more vital position in decarbonising the worldwide financial system and serving to to succeed in internet zero targets.

Field declined to touch upon its newest capital-raising, though Mr Gudka has beforehand signalled his curiosity in increasing the enterprise into European markets equivalent to Germany.

He co-founded Bulb with Haydn Wood, leaving earlier than its collapse right into a government-funded particular administration.

The estimated value of the insolvency to taxpayers has plummeted in latest months amid falls in wholesale gasoline costs, and is now a fraction of the £4bn which at one level was extensively anticipated.

Nomura Greentech is known to have suggested Field Energy on the deal, whereas PricewaterhouseCoopers is claimed to have acted as adviser to DIF.