Harmony Energy, a battery-storage development company focused on renewable energy, launched its initial public offering (“IPO”) in October of this year. Thus far, the UK-based firm has raised roughly $251 million, which it plans to use to finance battery-storage deployment. This amount is equivalent to about £186 million.
The company announced that it would be selling their shares to the public through Harmony Energy Income Trust, its investment company. This initial public offering has seen the company issue more than 200 million ordinary shares, each of which was going for £1 ($1.34).
The company also issued 23.5 million ordinary shares that are linked to its seed portfolio acquisition. The portfolio is comprised of five energy storage assets that total 213MW/426MWh, each of which will be using battery-storage technology developed by Tesla. Each asset is covered by a 15-year warranty.
Harmony Energy has in place a framework agreement that affords it access to the Autobidder AI revenue optimization platform and two-hour duration Megapack systems designed by Tesla.
The company has applied for its shares to be admitted to the Specialist Fund of the main market on the London Stock Exchange, which will allow company shares to be traded on a more global scale. The shares’ admission to the London Stock Exchange will also allow Harmony Energy to obtain the seed portfolio in conformity with the terms of the portfolio’s share purchase agreement. It is after this that the projects will be transferred to the battery-storage developer.
In addition to this acquisition, the company also plans to acquire an advanced 99MW/198MWh project, which would raise its initial portfolio to 312MW/624MWh. The general counsel and commercial director of Harmony Energy Advisors Ltd, Max Slade, stated that the time to bring more battery-storage projects for renewable energy at scale was now, as it would facilitate the transition to net zero. Slade added that the company was well positioned to be a major player in the market, given its unique pipeline, which was comprised of various future projects.
The company also plans to use these megapack systems in its Clay Tye, Contego and Holes Bay projects, which were developed in partnership with FRV. The sites total at 99MW/198MWh, 34MW/68MWh and 7.5MW/15MWh respectively. Clay Tye began construction in September of this year while the final phase of construction in the Contego site was concluded earlier in the year. The Holes Bay project was developed by both companies and completed last year.
Harmony Energy joins a long list of companies, including StorEn Technologies Inc., that are focused to providing affordable solutions to the long-term energy storage challenge that the world is grappling with during the transition to using clean forms of energy.
NOTE TO INVESTORS: The latest news and updates relating to StorEn Technologies Inc. are available in the company’s newsroom at https://ibn.fm/StorEn
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