The investment was made into Asterion-owned AMP Clean Energy to support the next phase of the company’s growth and decarbonisation strategy.
The UK’s National Wealth Fund (NWF) has invested £50m (€57.9m) into renewable energy company AMP Clean Energy to accelerate the deployment of low-carbon energy infrastructure across the UK, strengthen local energy networks through flexible battery storage and support the decarbonisation of industry.
The company was originally acquired by infrastructure fund Asterion Industrial Partners in 2020, which continues to retain a majority stake.
In response to questions from Impact Investor, a spokesperson for NWF said the organisation was attracted to AMP Clean Energy’s track record in delivering innovative solutions to help decarbonise the energy grid, and was pleased to support its continued growth.
“The investment will support the deployment of hundreds of battery boxes across the UK, providing local energy storage capacity and helping to balance supply and demand on the grid,” they said, adding that the battery storage solution was a project which complemented NWF’s broader clean energy portfolio by targeting localised infrastructure.
“The UK needs a range of storage technologies in order to deliver the flexibility and stability needed for the energy transition. To date our investments have supported first-of-a-kind technologies as well as the scaling-up of existing storage solutions, helping to boost capacity of both long-and-short-duration battery energy storage system assets,” they added.
Asterion’s original investment was aimed at supporting the UK’s heat decarbonisation efforts as well as the deployment of battery energy storage assets to enable additional renewable energy sources. The company has since scaled significantly, with its asset base growing more than eightfold through a sustained capital deployment over time, according to National Wealth Fund.
Increasing energy storage capacity
The UK’s Labour government announced its plan to deliver clean power by 2030 in December 2024, which includes 23–27 GW battery storage by 2030, up from 4.5 GW in 2024.
NWF said that battery storage was vital for the UK’s clean energy transition because it allows for the storage of renewable energy as it is generated and releases it during peak demand.
“Clean energy is one of our priority sectors and investment in battery storage technology is a crucial part of that. This investment will support the rollout of hundreds of battery boxes, bringing much needed flexibility and stability to the evolving energy grid,” the spokesperson said.
The battery box sites comprise of micro-scale batteries connected directly to the local distribution network. These sites are strategically placed near demand centres such as homes, schools, and hospitals to support local energy usage.
NWF said this offered an innovative solution to storing energy close to local communities and providing essential flexibility to the grid.
Hard-to-abate sectors
The financing will also be directed at efforts to decarbonise hard-to-abate commercial and industrial sectors, by providing low-carbon heating solutions at scale.
NWF said AMP has a track record of decarbonising businesses including Simpsons Malt and Cargill, and that its financing would allow the company to scale its offer to more industrial customers across the UK.
