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 recent funding as he seeks to develop 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 stated the fundraising was anticipated to be introduced by Field within the coming weeks.

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

It is Field’s first funding spherical for the reason that 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 firms similar to Field are anticipated to play an more and more necessary position in decarbonising the worldwide financial system and serving to to achieve internet zero targets.

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

He co-founded Bulb with Hayden 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 broadly anticipated.

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