Jan 23, 2024
German Battery Firm Valued at $400 Million in OTPP-Led Funding
Bloomberg News
,(Bloomberg) -- German portable-battery maker Instagrid raised $95 million from investors including the Ontario Teachers’ Pension Plan and a Morgan Stanley fund in a funding round that values the company at more than $400 million, according to people familiar with the matter.
Instagrid plans to use the proceeds to expand to North America, according to a statement Tuesday. The Stuttgart-based company sells or rents its portable battery systems for use in industries such as construction and film production, saying they’re a clean alternative to fossil fuel-powered generators.
Teachers’ Venture Growth, part of the Ontario pension plan, and Morgan Stanley’s 1GT climate fund led the series C funding round, the company said. A representative for Instagrid declined to comment on the valuation.
Instagrid’s flagship product, dubbed ONE, stores electricity to run machinery like welding or pumping equipment, the company says.
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