Battery storage trust eyes IPO as it strikes deal with Tesla

Aims to raise £230m

Kathleen Gallagher
clock • 2 min read

Harmony Energy Income trust is aiming to raise £230m in an initial public offering which it will invest in "shovel ready" UK energy storage assets.

The new investment company has already struck a contract with Tesla Motors.  Upon IPO, Harmony will buy Tesla's Megapack batteries, which can be used for two hours, and use the car maker's Auotbidder AI software, which manages energy trading with the national grid. Harmony Energy is a UK battery energy storage systems (BESS) project developer with a track record in developing, funding and supervising the construction of such projects and other renewable generation projects in Great Britain and has worked with Tesla since 2016. The trust's investment objective is to provide investors w...

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