(Bloomberg) -- Battery-storage company Field has raised 77 million pounds ($95 million) of fresh funding to build out renewable-energy infrastructure across the UK, Chief Executive Officer Amit Gudka said in an interview.
The funding includes a 47 million-pound debt facility from Triple Point Energy Investment Company, structured to reduce Field’s interest rate on the loan in proportion to the carbon-emissions savings generated by its portfolio of battery assets.
Turbulence in global stock markets has started seeping into private-market transactions, slowing the pace of fundraising. But appetite for green investments remains strong, as European governments move toward greater energy independence from Russia, while boosting efforts to combat climate change.
Field plans to get 1.3 gigawatt hours of battery storage operational across the UK by 2024.
“The macro trends that we’ve had over the last 12 months have only proven the need for more storage,” said Gudka. “Grids across Europe are relying more on renewable energy, and with the unfortunate decommissioning of many nuclear plants, we have few sources of alternate energy. Compounding all this is the Ukraine crisis, which has put Europe’s energy resilience in focus.”
The remaining 30 million pounds of capital came from an equity funding round led by Plural, a new investment platform set up by four founders of European tech firms -- Ian Hogarth, Khaled Heloui, Sten Tamkivi and Taavet Hinrikus.
Plural, which launches Tuesday with a 250 million-euro ($265 million) venture fund, holds stakes in 14 companies, including NFT infrastructure company NFTport, metaverse firm Ready Player Me and student-banking challenger MOS.
“In Europe, there is a massive gap in terms of having founders who actually go and extend their expertise to the next set of entrepreneurs, who pay back to the community with their expertise, time and money, and this is the gap we’re hoping to fill,” Hinrikus, co-founder of money-transfer firm Wise Plc, said in an interview.
“We want to be the investors we wanted when we were setting up our own companies,” he said.
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