Finance

Tesla-partnered fund and Pod Point IPO bring batteries to London


I

nvestors are being given the chance to back batteries and battery power through two new London floats.

Harmony Energy Income Trust, a new fund investing in battery storage infrastructure, and Pod Point, the electrical vehicle charging business, both announced plans to IPO on Monday.

Harmony Energy is seeking to raise £230 million to invest in ‘shovel ready’ battery storage projects in partnership with electric car maker Tesla. Harmony will buy Tesla’s Megapack batteries, which can be used for 2 hours, and the car maker’s Autobidder AI software to manage the trading with the National Grid.

The batteries will absorb excess renewable energy at times of low demand and then sell it back to the grid at times of high demand.

“The company offers investors the opportunity to invest in a rapidly growing part of the renewables sector, as wind and solar renewable energy projects increase, so too will the need for battery storage energy systems,” said Norman Crighton, prospective Chairman of Harmony Energy Income Trust, said.

Separately, Pod Point announced plans to list in London. The company, founded in 2009, installs and runs electric vehicle charging infrastructure across the UK. Pod Point has installed over 89,000 home charge points and 13,000 commercial units, many of them through partnerships with companies like Barratt Homes, Lidl, and Tesco. Revenues grew 123% in the first half of 2021 to £26.5 million.

“An IPO would be a massive milestone in Pod Point’s journey, enabling us to continue investing in our network, charge points, technology, and people, while helping us progress towards our goal of a Pod Point everywhere you park,” chief executive and founder Erik Fairbairn said.

The IPO is a spin-out from EDF Energy, which acquired a majority sake in Pod Point through a joint venture with Legal & General in February 2020.

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