Harmony Energy, a battery storage developer, has secured a significant finance injection from sustainable banking leader Triodos to bolster its expansion plans across Europe and accelerate the development of new projects. The credit facility, valued at up to £10 million, underscores Triodos' commitment to supporting innovative renewable energy ventures and advancing the transition to a sustainable energy future.
Peter Kavanagh, CEO at Harmony Energy, expressed appreciation for Triodos' alignment with their mission, stating, “We have a lot of admiration for Triodos and their mission of only working with organisations who are changing the world for the better. Having their support will strengthen our goals of developing and operating vital battery energy storage facilities across the UK and Europe, which in turn, leads to enhanced energy security, more affordable energy bills, and supports the decarbonisation of the grid. We're delighted that Triodos has joined us in our journey of powering a sustainable future.”
Triodos Bank's decision to provide finance to the renewable energy sector for almost three decades underscores its longstanding commitment to fostering sustainable development. However, this marks its first standalone loan to the energy storage sector in the UK, reflecting its recognition of the pivotal role played by flexible technologies like batteries in driving the transition to net zero.
Chris Cullen, Senior Relationship Manager at Triodos Bank UK, highlighted the importance of battery storage technologies in facilitating the integration of low-carbon power, heat, and transport technologies, essential components for achieving a reliable and renewable energy system. “Flexible technologies, like batteries, form a key part of the UK's energy system transition to net zero. They not only support the integration of more low-carbon power, heat, and transport technologies but are also vital for a renewable energy system to become a reliable alternative to the fossil fuel-based system. As a sustainable bank, a key focus of our lending over the next decade will be on projects like this, that work towards a future of reliable clean energy. We're pleased to be working with Harmony, as a leader in the UK battery market that shares our vision of a sustainable energy transition,” stated Cullen.
