CLP has advised ECO STOR and the existing shareholders in the landmark investment from X-Elio and Nature Infrastructure Capital

CLP has acted as legal advisor for ECO STOR and the existing shareholders, most notably Å Energi Invest AS, in a connection with the significant investment in ECO STOR’s first life business by Brookfields’ backed X-Elio and Nature Infrastructure Capital (NIC).

ECO STOR is a developer and provider of utility scale storage and energy management solutions to third parties in the German market. The company’s business covers the entire value chain from project development, construction, financing and operation of battery storage plants, and it has in a short period of time become the market leader for battery storage plants in Germany with a market share of around 20% and approximately 100MWh of successfully built storage projects in Germany.

The transaction is structured as a multiple tranched investment and the substantial investment amount will be used throughout the investment period to continue development and construction of ECO STOR’s pipeline of utility-scale BESS projects. The current pipeline totals over 6GW and represents a quarter of the 24GW of utility-scale battery storage capacity required by the German electricity grid by 2037.

CLP has had the great pleasure of following ECO STOR’s success for several years, and we are looking forward to this next phase of development with X-Elio, NIC and Å Energi Invest as significant contributing players.

Additional citations from the joint press release:

Lluís Noguera, CEO of X-ELIO said: “We are impressed by the position ECO STOR has built in Germany over a very short period of time. The capabilities and expertise of ECO STOR team are very complementary to X-ELIO’s existing core competences, and I am certain this acquisition will accelerate the potential of both companies in the rapidly evolving energy storage space.”

Jérôme Turcotte Routhier, Managing Partner of NIC added: “We are very proud of the quality of the partners that are coming together in this investment. This is a demonstration of the common understanding of the need for flexibility in the German energy market, as well as the collective ambition to support the energy transition in partnership with local communities.”

Dr. Trygve Burchardt, CEO of ECO STOR continued: “It has been a true pleasure to be part of the success of ECO STOR in the German battery energy storage market. We are very pleased to now announce that X-ELIO and NIC will be investing in ECO STOR together with the continued support from Å Energy. This will allow us to maintain our market leadership and fuel further growth. Bringing together some of the most influential renewable energy investors in Europe gives ECO STOR the resources to accelerate energy storage adoption in Europe and thereby support our transformation toward renewable energy.”

Steffen Syvertsen, CEO of Å Energi said: “Rooted in hydropower, Å Energi have accumulated domain knowledge in renewable power systems. Our in-depth expertise and activities across all parts of the energy value chain, make us know the value of energy storage better than most in Europe. Now, we’re applying these insights to the development of battery and technology. Since 2019, we have been at the forefront of advancing the ECO STOR technology, and we are delighted to welcome leading international investors on board. Their support empowers ECO STOR to play an even more pivotal role in accelerating Germany’s transition to renewable energy.”

The CLP team consisted of Lars Gunnar Aas, Kristoffer Gjesdahl and Magnus Sandvik Gyllensten.

For more information, see here.