A battery storage company set up by one of the co-founders of Bulb Energy has clinched £100m of new funding as he seeks to expand it across Europe.
Sky News has learnt that Field Energy, which was set up by Amit Gudka after his departure from Bulb, has secured the capital from DIF Capital Partners, a Dutch infrastructure investor.
Industry sources said the fundraising was expected to be announced by Field in the coming weeks.
The money will be used to accelerate the company’s rollout of renewable energy infrastructure, with a string of battery storage sites already operational across the UK.
It is Field’s first funding round since the middle of last year, when the company raised £30m of equity from investors led by Plural, a venture capital fund.
Field also secured a £47m debt facility from Triple Point Energy Efficiency Infrastructure Company.
Battery storage companies such as Field are expected to play an increasingly important role in decarbonising the global economy and helping to reach net zero targets.
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Field declined to comment on its latest capital-raising, although Mr Gudka has previously signalled his interest in expanding the business into European markets such as Germany.
He co-founded Bulb with Hayden Wood, leaving before its collapse into a government-funded special administration.
The estimated cost of the insolvency to taxpayers has plummeted in recent months amid falls in wholesale gas prices, and is now a fraction of the £4bn which at one point was widely expected.
Nomura Greentech is understood to have advised Field Energy on the deal, while PricewaterhouseCoopers is said to have acted as adviser to DIF.
