Private equity giant EQT is establishing a new energy transition fund under its EQT Infrastructure division, kickstarting the initiative with the acquisition of German battery storage company ju:niz Energy.
According to a press statement, EQT Transition Infrastructure “will seek to scale businesses that help enable the transition across industries to clean energy and a more resource-efficient, circular economy”.
Investing in North America, Europe, and Asia Pacific, the fund, led by Jan Vesely, Head of EQT Transition Infrastructure in New York, and Asis Echaniz, Head of EQT Transition Infrastructure Europe in Madrid, will invest in companies driving the global energy transition, including those focused on electrification, electric vehicle (EV) charging infrastructure, advanced recycling, battery storage, and electric heat pumps.
The fund’s first investment is the acquisition of ju:niz Energy, an Aschheim, Germany-based battery energy storage system developer and operator, from its founder for an undisclosed sum financed with capital from EQT’s balance sheet.
The fund, which is expected to allocate between €300m and €500m ($315m–$525m) per investment, will complement the Value-Add and Active Core strategies in EQT’s existing €72bn global infrastructure business. Since its inception over 15 years ago, EQT Infrastructure has invested over €17bn, including co-investment, in energy transition-related opportunities across 25 platform deals.
The fund is reportedly targeting a size of around €4bn ($4.2bn), according to reports, which aligns with EQT’s typical range for first-time funds.
