Asterion retains a majority stake as the National Wealth Fund joins to support the next phase of AMP’s growth and decarbonisation strategy
The National Wealth Fund has announced a £50m equity investment in AMP Clean Energy to accelerate the deployment of low-carbon energy infrastructure across the UK, strengthening local energy networks through flexible battery storage and supporting the decarbonisation of industry.
Battery storage is vital for the UK’s clean energy transition, storing renewable energy as it is generated and releasing it during peak demand. NWF’s financing will support AMP’s development of hundreds of Battery Box sites, offering an innovative solution to storing energy close to local communities and providing essential flexibility to the grid. These micro-scale batteries are connected directly to the local distribution network and strategically placed near demand centres such as homes, schools, and hospitals to support local energy usage.
The investment will also accelerate AMP’s work to decarbonise hard-to-abate commercial and industrial sectors. By providing low-carbon heating solutions at scale AMP enables businesses to transition away from fossil fuels. With a successful track record decarbonising businesses including Simpsons Malt and Cargill, the National Wealth Fund’s support will allow AMP to scale this offer to more Industrial Customers across the UK.
In 2020, Asterion Industrial Partners — the infrastructure fund led by Jesús Olmos, Winnie Wutte, and Guido Mitrani — acquired AMP Clean Energy with the aim to support the UK’s heat decarbonisation efforts and to deploy battery energy storage assets that enable additional renewable energy sources. Since Asterion’s initial investment, the company has scaled significantly, with its asset base growing more than eightfold through a sustained capital deployment over time.
Chancellor of the Exchequer Rachel Reeves said:
'Investing to decarbonise the grid will help supply secure, affordable, and renewable energy which is good for growth, businesses and jobs. Fuelling the clean energy revolution with local projects like this is a vital part of our Plan for Change.'
John Flint, NWF CEO, said:
'We have an important role to play crowding private sector investment into the battery storage sector, to help build resilience into the UK’s renewable energy provision. AMP Clean Energy’s battery box offers an innovative solution to capitalise on local grid connections and support energy storage and grid flexibility in communities across the UK.'
Guido Mitrani, founding partner of Asterion Industrial Partners, said:
'We are proud of AMP Clean Energy’s progress since our initial involvement and are pleased to welcome the National Wealth Fund as a partner in the UK’s energy transition and in accelerating the next phase of the company’s growth. This collaborative effort strengthens AMP’s position to contribute meaningfully to the Clean Power 2030 goals, and we remain fully committed and confident in its continued success and impact.'
Mark Tarry, CEO of AMP Clean Energy, said:
'We’re delighted to receive this investment from the National Wealth Fund. It will accelerate our ability to build the kind of energy infrastructure the UK needs: practical, low-carbon projects that support both local grid flexibility and industrial decarbonisation. This backing helps us go further and faster, delivering more sites, more value to customers, and more progress towards a cleaner, more resilient energy system.'
Source: National Wealth Fund
