Statera, the London-based firm behind plans for a large hydrogen plant in Aberdeenshire, has been bought up by Swedish investment group EQT.
Kintore Hydrogen plans to produce the equivalent to 30% of the UK’s 2030 target for 10GW of low carbon hydrogen capacity.
EQT Infrastructure is one of the branches of the wider EQT, which has more than 230 billion euros of assets under management.
It is buying Statera – a low carbon energy and battery storage firm – from its private equity owners InfraRed Capital Partners.
EQT said it will support the Statera management team with access to growth capital to accelerate deployment of flexible generation across the UK.
A spokesperson for Statera said: “EQT’s financial support and global footprint means Statera is well-positioned to deliver its pipeline of battery, pumped hydro and green hydrogen technologies, including the Kintore Hydrogen project in Aberdeenshire.
“The Kintore Hydrogen project will play a critical role in decarbonising power generation facilities and carbon intensive industrial clusters across the country. The full 3GW of production is expected to be online by the 2030s.”
The Kintore Hydrogen project plans to use electrolysis technology to convert surplus Scottish wind power into green hydrogen to be supplied to carbon-intensive industrial emitters.
On the deal, Francesco Starace of EQT Infrastructure’s advisory team said: “In a world increasingly reliant on intermittent renewables and striving to achieve Net Zero emissions, battery storage and other flexible generation solutions are imperative. Both the public and private sectors must commit time, expertise, and capital to innovative solutions that can expedite the energy transition. The partnership between EQT and Statera is an exciting step towards achieving this goal.”
Tom Vernon, Founder and CEO of Statera, added: “InfraRed and the team at Statera have been critical components of our success to date, and I am hugely excited to embark on our next phase of growth, in partnership with EQT. This transaction is a significant milestone, and the scale of EQT’s financial support and global footprint means Statera is well positioned to deliver its pipeline of battery, pumped hydro and green hydrogen technologies.”
The deal is expected to close around end of the year.