ASN Energy & Innovation Fund invests in energy project developer Protium

The ASN Energy & Innovation Fund is investing in project developer Protium. This Groningen-based company offers local solutions to reduce grid congestion in the Netherlands by cleverly combining solar energy with battery storage and charging infrastructure for electric vehicles. This eases the strain on the electricity grid. StartGreen Capital advised on the transaction as an investment advisor for fund manager ASN Impact Investors.

Hybrid financing structure
The ASN Energy & Innovation Fund, managed by ASN Impact Investors, has invested in Protium through both an equity stake and a convertible loan. This hybrid financing structure enables Protium to grow as an organisation while simultaneously securing the flexible, subordinated financing on a project-by-project basis that makes their realisation possible.

Protium combines solar parks on commercial rooftops, battery systems for energy storage, and charging stations for electric vehicles. With this approach, generated energy is optimally utilised, creating multiple revenue streams per location. “The energy transition is evolving from simply generating to smartly balancing supply and demand,” says Matteo Santini, co-founder of Protium. “We want to contribute to the energy transition as effectively as possible with our scalable solutions.”

The investment in Protium illustrates the flexibility of the ASN Energy & Innovation Fund in serving project developers in various growth phases. Rosemarijn van der Meij, fund manager of the ASN Energy & Innovation Fund: “This structure enables us to deploy capital more efficiently while achieving a greater impact. Protium perfectly aligns with our strategy to invest in proven innovations that are shaping the next, local phase of the energy transition.”

Our role in this deal.
The ASN Energy & Innovation Fund is managed by ASN Impact Investors. We have also guided this investment as a permanent Investment Advisor. Stijn Welage, Investment Director at StartGreen Capital: ‘’Together with the founders of Protium, we developed a financing structure that matches their growth phase and is focused on maximum long-term impact. It’s inspiring to support an organisation that wants to advance the energy transition in an integral and strategic manner.’’

About Protium
Protium is currently operating 35 MW of solar energy from local projects across 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 within the next five years.

For more information, see www.protium.nl.

About the ASN Sustainable Innovation Fund
The ASN Energy & Innovation Fund, with a portfolio of several hundred million euros, focuses on a wide variety of technologies essential for the energy system of the future. From energy storage and charging infrastructure to circular production and sustainable mobility – the fund offers tailor-made financing through loans and equity. This is how the energy transition in the Netherlands is accelerated and innovation for a sustainable society is stimulated.

Want to know more about the ASN Energy and Innovation Fund? Then take a look the fund page.