Infracapital has announced its acquisition of a majority stake in EnergyNest, aiming to support the expansion of innovative Thermal Battery™ solutions to promote sustainability in industrial energy usage.

Information on the Target

EnergyNest is a prominent Norwegian technology firm established in 2011, specializing in low-carbon technology solutions that facilitate significant savings for industrial customers by eliminating high upfront expenditures. The company's flagship product, the Thermal Battery™, allows for the conversion of industrial waste heat into electricity and supports the integration of renewable energy into industrial heating processes. EnergyNest is leading the charge in the development of thermal battery technology, delivering innovative energy storage solutions to a variety of industrial clients.

The company has an extensive commercial project pipeline which includes partnerships with notable firms such as the Italian energy company Eni, Norwegian chemical company Yara, and Siemens Energy for a project with a major Japanese energy entity. Additionally, EnergyNest is exploring new initiatives aimed at utilizing surplus renewable electricity to replace natural gas, indicating a strong commitment to sustainability and carbon reduction.

Industry Overview in Norway

The energy sector in Norway is characterized by a robust focus on renewable resources, primarily hydropower, which supplies about 95% of the country's electricity. As a leader in sustainable energy practices, Norway has laid a stron