EnergyNest was acquired by InfraCapital in a €110 million deal.

EnergyNest, a Billingstad (Asker), Norway-based manufacturer of thermal batteries, announced getting into a financial agreement for selling the majority of its equity to the British private equity company Infracapital, the infrastructure equity investment arm of M&G plc.

The agreement comprises a €110 million ($132.3M) investment into EnergyNest to enable further international growth providing financed turnkey energy storage solutions for industrial clients. Infracapital will be the largest shareholder in the business.

The additional funding will enable the scaling of the business.

EnergyNest, led by CEO Christian Thiel, develops ThermalBattery, a thermal storage product designed to store energy in the form of heat and help decarbonize industrial heat processes. In order to do that, the company 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. Customers include Norwegian chemical giant Yara, and Italian energy company Eni where installation is expected to take place in Q2 2021.