Adaptogen Capital, a UK private markets firm that specialises in energy storage, has reached a £207 million ($263 million; €241 million) final close for its battery storage infrastructure fund.
Adaptogen Battery Storage LP fund was oversubscribed, having initially been set a target of £175 million, and received commitments from 50 investors including Adaptogen’s founding directors. A pipeline of investments has been lined up for the next three years, beginning with two projects near Liverpool, the firm said. At full deployment, Adaptogen intends to develop a 500MW portfolio across six projects.
Founded by some of the “earliest investors” in the battery storage space, Adaptogen was set up specifically to raise capital for the sector. Up to £11 billion needs to be invested into UK storage by 2035 to meet energy transition objectives, according to the firm’s estimates.
Managing director James Mills said: “The UK is rapidly electrifying its economy by decarbonising its energy sources, but this also requires a massive parallel investment into the midstream infrastructure, of which energy storage is one of the most essential elements.”