InfraRed sells stake in storage developer Statera to EQT Infrastructure

November 7, 2023

InfraRed Capital Partners has agreed the sale of its investment in grid-scale energy storage developer Statera Energy to investor EQT Infrastructure.

It represents the second full divestment to date from InfraRed’s Infrastructure Fund V.

London-headquartered Statera develops, builds, owns and operates large-scale, grid-connected energy storage and flexible generation assets. “As an early investor in the UK energy storage space, InfraRed was able to help Statera realise its early-mover advantage in the sector by securing strategically located development sites and forming key strategic partnerships,” an InfraRed statement said.

Statera now has 1GW of operational or in construction assets and a development pipeline of over 16GW across a diversified range of energy storage technologies including battery storage, pumped storage hydro and green hydrogen.

Francesco Starace, partner within the EQT Infrastructure advisory team, said: “In a world increasingly reliant on intermittent renewables and striving to achieve Net Zero emissions, battery storage and other flexible generation solutions are imperative. Both the public and private sectors must commit time, expertise, and capital to innovative solutions that can expedite the energy transition. The partnership between EQT and Statera is an exciting step towards achieving this goal.”

Stephane Kofman, head of capital gain funds at InfraRed Capital Partners added: “Having identified early on the fundamental need for flexibility and storage, we are very pleased to have worked closely alongside management to create a company that is a now a market leader and is playing a key role in facilitating the UK’s energy transition to a low carbon, high renewables future. Throughout our ownership we have continued to support management in evolving and implementing the company strategy, growing the operational and development asset base, actively mitigating revenue volatility and helping to add key infrastructure capabilities across the organisation.”

Tom Vernon, founder and CEO of Statera, said: “InfraRed and the team at Statera have been critical components of our success to date, and I am hugely excited to embark on our next phase of growth, in partnership with EQT. This transaction is a significant milestone, and the scale of EQT’s financial support and global footprint means Statera is well positioned to deliver its pipeline of battery, pumped hydro and green hydrogen technologies.”