Ontario Teachers’ Pension Plan, a Canadian pension fund, is leading a $95 million funding round for Instagrid GmbH. Instagrid, a German manufacturer of portable battery-based power systems, aims to replace gas-powered generators. Teachers’ Venture Growth (TVG), a part of the $250 billion pension fund, is the main investor in Instagrid’s Series C funding round and will have a seat on the company’s board of directors. Morgan Stanley Investment Management has also invested in Instagrid through its climate-focused private equity funds, 1GT.
Currently, Instagrid sells its main products in 29 countries, mainly in Europe. Their portable battery-based power system offers cleaner alternatives to fuel-burning generators commonly used on construction sites, film sets, and by emergency services. Importantly, Instagrid claims that its portable batteries can compete in terms of power with the electricity grid or combustion generators, for example, powering welding devices throughout the day.
The funding will be used to increase production and enter the North American market, including introducing new products to the Canadian market. To achieve this, Rich Romer, a former General Electric Co. executive with experience in fuel cell sales and marketing, as well as intelligent grid-related departments at Siemens AG, has been hired as the Chief Operating Officer for the United States.
Ontario Teachers’ Pension Plan estimates that over 50 million small internal combustion engines, not used for vehicle propulsion, are produced each year, presenting an opportunity for cleaner alternatives that can reduce companies’ carbon footprint. The pension fund also has the potential to connect Instagrid with companies from its portfolio in real estate, infrastructure, and other sectors that can employ their products.
Climate-focused technology investments are a growing priority for TVG, which manages around $7 billion in assets and typically supports technologically advancing companies that have transitioned beyond the startup phase and are seeking funds to accelerate their growth.
“With the growing entrepreneurial interest in solving climate problems, we believe that climate technologies present fantastic investment opportunities, while also allowing us to play a meaningful role in the energy transformation,” said Avid Larizadeh Duggan, who oversees TVG investments in Europe, the Middle East, and Africa.
Ontario Teachers’ Pension Plan oversees investments in energy companies such as Stem, Inc., a renewable energy storage provider based in California, and Resilia, a company focused on modernizing energy grids, supported by Sidewalk Infrastructure Partners, a project of Alphabet’s Sidewalk Labs, parent company of Google.
Instagrid has clients such as Swedish construction giant Skanska AB, Swiss Federal Railways, and the Red Cross. The company has also been chosen for an initiative funded by Disney and Netflix, aimed at replacing diesel generators on film sets. The company is preparing to introduce a larger-scale product that it believes can power entire construction sites or film sets without emissions.
Andreas Sedlmayr, Co-founder and Co-CEO of Instagrid, stated that they are thrilled to collaborate with two leading global investors whose support will enable them to expand their global presence.
FAQ Section:
Q1: Who is Ontario Teachers’ Pension Plan?
A1: Ontario Teachers’ Pension Plan is a Canadian pension fund.
Q2: Who is the main investor in Instagrid’s Series C funding round?
A2: The main investor in Instagrid’s Series C funding round is Teachers’ Venture Growth (TVG), a part of Ontario Teachers’ Pension Plan.
Q3: What is Instagrid’s main product?
A3: Instagrid’s main product is a portable battery-based power system that can replace gas-powered generators.
Q4: Where does Instagrid sell its products?
A4: Instagrid sells its products mainly in 29 European countries.
Q5: How does Instagrid claim its batteries can compete with electricity grid power?
A5: Instagrid claims that its portable batteries can compete in terms of power with the electricity grid or combustion generators, for example, powering welding devices throughout the day.
Q6: How will the funding received by Instagrid be used?
A6: The funding will be used by Instagrid to increase production and enter the North American market, including introducing new products to the Canadian market.
Q7: Who has Instagrid hired to enter the North American market?
A7: To enter the North American market, Instagrid has hired Rich Romer as the Chief Operating Officer for the United States. Romer has experience in sales and marketing at large companies.
Q8: How does Ontario Teachers’ Pension Plan assess the demand for cleaner alternatives to combustion generators?
A8: Ontario Teachers’ Pension Plan assesses that there is a significant demand for cleaner alternatives to combustion generators as over 50 million small internal combustion engines are produced each year, contributing to carbon emissions.
Q9: What are the investment priorities for TVG?
A9: The investment priorities for TVG include investing in climate-focused technologies like Instagrid that contribute to energy transformation and CO2 reduction.
Q10: In which sectors can companies from Ontario Teachers’ Pension Plan’s portfolio be involved?
A10: Ontario Teachers’ Pension Plan has the opportunity to connect Instagrid with companies from its portfolio in real estate, infrastructure, and other sectors that can utilize Instagrid’s products.
Related links:
– Instagrid website
– Ontario Teachers’ Pension Plan website
– Teachers’ Venture Growth website
The source of the article is from the blog foodnext.nl