The ASN Energie & Innovatiefonds is investing in project developer Protium. This Groningen-based company offers local solutions to reduce grid congestion in the Netherlands by smartly combining solar energy with battery storage and charging infrastructure for electric vehicles. This reduces the load on the power grid. As investment advisor, StartGreen Capital guided the transaction for fund manager ASN Impact Investors.
Hybrid financing structure
The ASN Energie & Innovatiefonds, managed by ASN Impact Investors, has invested in Protium through both an equity stake and a convertible loan. This hybrid financing structure allows Protium to grow as an organization while simultaneously obtaining the flexible subordinated financing per project that makes its realization possible.
Protium combines solar parks on commercial roofs, battery systems for energy storage, and charging hubs for electric vehicles. With this approach, the generated energy is utilized optimally, and multiple revenue streams are created per location. “The energy transition is evolving from simple generation to the smart balancing of supply and demand,” says Matteo Santini, co-founder of Protium. “With our scalable solutions, we want to contribute as effectively as possible to the energy transition.”
The investment in Protium illustrates the flexibility of the ASN Energie & Innovatiefonds in serving project developers in various growth phases. Rosemarijn van der Meij, Fund Manager of the ASN Energie & Innovatiefonds: “This structure enables us to deploy capital more efficiently while realizing a greater impact. Protium fits perfectly with our strategy to invest in proven innovations that shape the next, local phase of the energy transition.”
Our role in this deal.
The ASN Energie & Innovatiefonds is managed by ASN Impact Investors. As the permanent Investment Advisor, we also guided this investment. Stijn Welage, Investment Director at StartGreen Capital: ‘‘Together with the founders of Protium, we developed a financing structure that aligns with their growth phase and is aimed at maximum long-term impact. It is inspiring to support a party that wants to advance the energy transition in an integrated and strategic way.’’
About Protium
Protium now operates 35 MW of solar energy from local projects throughout the Netherlands and aims to expand to 150 MW of solar energy, 130 MWh of energy storage, and charging hubs with a total of 1,000 charging points over the next five years.
For more information, visit www.protium.nl.
About the ASN Energie & Innovatiefonds
The ASN Energie & Innovatiefonds, with a portfolio of several hundred million euros, focuses on a wide variety of technologies that are essential for the energy system of the future. From energy storage and charging infrastructure to circular production and sustainable mobility – the fund offers customized financing through loans and equity. In this way, the energy transition in the Netherlands is accelerated and innovation for a sustainable society is stimulated.
Want to know more about the ASN Energie & Innovatiefonds? Then view the fund page.
