EnergyNest secures record EUR 110 million investment

Milestone in heat storage market driving energy transition
26 April 2021
Wärmespeicher EnergyNest

Norway’s EnergyNest has secured a record EUR 110 million investment from Infracapital, making the subsidiary of Britain’s asset manager, M&G, the largest shareholder in the company, a press release said Monday (April 12, 2021). The fresh capital will go towards international expansion. EnergyNest set up a branch in Hamburg in 2020 backed by Hamburg Invest

Market estimated at over EUR 300 billion by 2030

“Together with Infracapital we can deliver CO2 and energy cost savings to even more customers from day one," said Dr. Christian Thiel, CEO of EnergyNest. Energy-intense industries, for instance, should benefit from the technology to decarbonize their processes and optimize sustainability, according to Jack Daniels, Chief Investment Officer of M&G.

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. Decarbonising industrial processes that generate excess heat remains one of the major challenges in the global fight against climate change. 

Founded in Norway in 2011, Energy Nest is one of the world's first thermal storage providers with a market-ready battery. The thermal battery is already being tested at the Norwegian chemical company, Yara, as part of a "steam-on-demand project". The company is also preparing an application in a solar power plant operated by the Italian energy group Eni.