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Harmony Energy to acquire Tesla battery storage assets as IPO completes

Its initial portfolio will be made up of five energy storage assets that will use Tesla’s battery storage technology

Harmony Energy Income Trust plc, which has been set up to invest in UK energy storage assets, saw its shares move higher as it began trading on the London Stock Exchange today.

The initial public offering (IPO) had raised £186.5mln, Harmony Energy announced on Friday, with its shares priced at £1 each.

The share price had risen to 102.5p by midday on their first day.

Harmony said it will use the proceeds from the IPO to acquire a ‘seed portfolio’, a collection of five energy storage assets which are set to use Tesla’s battery storage technology.

It has also been received the exchange’s Green Economy mark, where a company must demonstrate that 50% or more of its total revenue comes from products and services that contribute to a global green economy.

The Company’s investment objective is to provide investors with an attractive and sustainable level of income returns, with the potential for capital growth, by investing in commercial scale energy storage and renewable energy generation projects.

Read More: Harmony Energy to acquire Tesla battery storage assets as IPO completes

2021-11-09 06:51:00

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