Drax agrees £200m deal for battery storage investor Business Drax has agreed a £200m deal to acquire the battery storage investor Harmony Energy Income Trust (HEIT) as it looks to shore up the UK’s power supply. The deal represents a premium of 11 per cent to HEIT’s closing price on 24 March, the last business day prior to the announcement. Drax said the deal, [...]
Harmony Energy joins wave of investment trust buyouts Investing Another investment trust looks set to be taken over by a private equity group amid a steep discount in share prices for UK trusts across the market. Harmony Energy Income Trust has been offered £190.8m by Foresight Group LLP, a private equity and infrastructure investment house, the trust announced today. The deal looks likely to [...]
Swedish battery maker Northvolt files for bankruptcy Industrials Swedish battery maker Northvolt has filed for bankruptcy after failing to secure funding amid ongoing financial struggles. The company had experienced a series of mounting challenges in recent months as it struggled to hit production targets despite liquidity support from lenders including Goldman Sachs and Blackrock. It had previously sought US Chapter 11 bankruptcy protection [...]
National Grid reforms set to drive returns at Gresham House Energy Storage Fund and Harmony Energy April 12, 2024 Revenues from battery energy storage systems have jumped between February and March.