Amstelveen-based GIGA Storage, a developer of energy storage projects, announced that InfraVia Capital Partners has acquired a majority shareholding in the company.
GIGA Storage specialised in Battery Energy Storage System (BESS) development, construction, and operations in the Netherlands and Belgium.
The terms and conditions of the transaction are not disclosed, and the closing is expected to occur in the coming months.
The announcement comes almost a year and a half after Rabobank, through its investment arm Rabo Investments, acquired a minority stake in the company.
The investment positions InfraVia as the majority shareholder in GIGA Storage. On the other hand, the founder-led management team will retain a significant stake in the company and will continue to lead the company during this new growth phase.
InfraVia and the management team plan to utilise the company’s expertise in developing, constructing, and operating utility-scale storage projects to establish a prominent energy storage platform in Northern Europe.
The transaction will accelerate GIGA Storage’s growth in the development and operation of large-scale BESS sites that will underpin the energy transition initially in both countries.
GIGA Storage: Ending fossil-fueled power plants
Founded in 2018 and led by Ruud Nijs, GIGA Storage is a developer, investor, and operator of large-scale energy storage projects in Europe.
The company is trying to shut down gas and coal-fired power plants. The company does this by placing GIGA batteries in strategically smart places to manage sustainable energy storage optimally and to be able to supply energy at the right time.
The Dutch company says placing batteries in strategic locations prevents congestion and guarantees grid stability. Since its inception, the Dutch company has commissioned two projects and built a project pipeline of 12,500 MWh.
GIGA Storage connects more renewable energy projects to the grid, resulting in more efficient use of that electricity grid.
Ruud Nijs, CEO of GIGA Storage, says, “Our ambition is to have a multiple of GWs of installed energy storage power in Europe in the years to come,” Ruud said. “By combining our expertise with InfraVia’s extensive resources and industry knowledge, we are poised to make significant strides towards reaching this ambition and driving positive environmental impact.”
GIGA Giraffe
Last month, GIGA Storage launched an energy storage project called GIGA Giraffe in the port area of Amsterdam.
This 47 MWh battery will be the same size as the GIGA Buffalo battery in Lelystad and will be the first 4-hour battery in the Netherlands.
The battery will utilise reserve capacity on the transport network to prevent transport restrictions. It is scheduled to be connected in the first quarter of 2025.
The GIGA Giraffe is a 10 MW and 47 MWh storage project that will allow the electricity network to store energy peaks during sunny hours and maintain balance with a growing share of unpredictable but sustainable energy generation.
What sets this battery apart is its ability to charge or discharge for four hours, enabling it to participate in the Dutch day-ahead and intraday electricity markets.
The investor
InfraVia is an independent European private equity firm, specialised in Infrastructure, Real Assets (Critical Metals, Real Estate), and Technology investments.
The VC supports entrepreneurs and companies in their growth journeys and helps them expand their businesses into top-tier platforms.
Since 2008, InfraVia has raised €12B of capital and invested in 50+ companies across Europe.
Athanasios Zoulovits, Partner at InfraVia, says, “We are thrilled to welcome GIGA Storage into the InfraVia family. This partnership underscores our conviction that BESS is an enabler in the decarbonisation of the European power market. We are excited to partner with the founders and management team of GIGA Storage, a team with a proven track record and great execution skills, to help them roll out an ambitious growth plan.”
Read the orginal article: https://siliconcanals.com/news/startups/infravia-capital-partners-acquires-majority-stake-in-giga-storage/
