EQT sets up energy transition fund with German investment, sources say

By Emma-Victoria Farr

FRANKFURT (Reuters) - Private equity firm EQT is launching a new energy transition fund by acquiring ju:niz Energy, a German battery storage business, sources familiar with the matter told Reuters.

The fund will be part of EQT Infrastructure and invest in companies operating in the energy transition space, such as businesses in electrification, electric vehicle charging, electric heat pumps, advanced recycling and battery storage across North America, Europe and Asia Pacific, the sources said, speaking on condition of anonymity.

Its first investment is the acquisition of ju:niz Energy, headquartered in Aschheim, Germany, from its founder for an undisclosed amount, the sources said. On average, the fund will invest between 300 million and 500 million euros ($315 million and $525 million) in each acquisition, the sources said.

EQT declined to comment.

The strategy intends to provide capital and expertise to grow businesses and support a transition to clean energy.

The team will be led by Jan Vesely, head of EQT transition infrastructure in New York, and Asis Echaniz, head of EQT transition infrastructure Europe in Madrid, supported by the existing 130 employees in its infrastructure division.

EQT's infrastructure business totals around 72 billion euros ($75.87 billion) globally. Since it began over 15 years ago, it has invested more than 17 billion euros across 25 deals, the sources said.

Last year, EQT CEO Christian Sinding said the firm was in the early stages of exploring an energy transition fund.

In 2024's half-year report, Sinding said when EQT launches first-time funds, the typical target range is between 1.5 billion and 5 billion euros, adding "this would clearly be at the upper end of the range." The fund's target size is around 4 billion euros, according to press reports.

On Monday, EQT's Active Core fund acquired a joint majority stake together with GIC in Calisen, a UK smart metering company.

($1 = 0.9517 euros)

(Reporting by Emma-Victoria Farr; Editing by Anousha Sakoui and Lisa Shumaker)