Bullfinch Asset runs a technology platform that helps manage and finance renewable assets such as solar panels, battery storage, chargers for electric cars and heat pumps.
Impax Asset Management, a specialist asset manager focused on the transition to a more sustainable economy, has bought a majority stake in Frankfurt-based clean energy fintech provider Bullfinch Asset. No financial details were disclosed.
The UK-based private markets fund manager made the acquisition on behalf of NEV IV, its fourth private markets infrastructure fund which invests in assets across Europe as well as some in the US. Three years ago, NEV IV bought a minority stake in Bullfinch and also set up a joint venture, called Greenfinch. To date, Greenfinch has funded and serviced more than 9,400 domestic solar and storage systems for German homeowners.
“Our majority investment in Bullfinch marks a significant milestone in our relationship as the fund increasingly focuses on adjacent energy transition technologies in Germany and beyond,” said Daniel von Preyss, head of private equity and infrastructure at Impax Asset Management, which had assets under management of approximately £25.3bn (€21.9bn) at the end of March.
Focus on growth
As part of the fund’s investment, Bullfinch elevated supervisory board member and insurance and financial services expert Christoph Wetzel to the position of chair. Hugo Merida-Barba, a founding partner of Bullfinch who served as co-CEO for the last four years, was appointed as the firm’s new sole CEO.
Both men have vast experience in scaling innovative businesses and played a key role in driving Bullfinch’s strategic initiatives forward, according to Von Preyss.
“Thanks to the fund’s support, Greenfinch and Bullfinch are in a strong financial position and are well poised to accelerate growth and expand operations to meet the increasing demand for clean, decentralised energy solutions across Germany and beyond, including an expansion into the rapidly growing commercial and industrial segment,” said Merida-Barba.
As previously reported by Impact Investor, in May 2024, Impax raised €459m for its fourth sustainable infrastructure fund, which was its largest to date. Investors in the pan-European fund included pension funds, sovereign wealth funds, insurance companies, asset managers, and family offices, Impax said at the time.
