Paris-based ZE Energy, an independent renewable energy producer with storage (BESS), has announced a capital raise of €54 million.

This raise, led by Amundi Energy Transition, also marks the entry of two new investors — Infrastructure FundsCore+, managed by Amundi Energy Transition, and the Climate Infrastructure Fund, managed by Demeter.

The funds raised will allow the company to continue its growth over the next two years, particularly by financing its expansion in Europe.

By the end of 2026, ZE Energy aims to reach a project portfolio in operation and ready to build of over 900 MW in PV and 600 MWh of storage.

“Founded in 2019, ZE Energy has developed a hybrid solar power plant solution, combining photovoltaic energy with storage, tailored to continental Europe,” said Amundi.

“The company develops, finances, constructs, and operates hybrid power plants and sells green energy to end-users or through tender offers. Today, ZE Energy has a project portfolio of over 1 GW in photovoltaic solar power and more than 400 MW of battery capacity.”

Mathieu Lassagne, founder of ZE Energy, said: “In an increasingly volatile solar energy market, ZE Energy’s model is emerging as a high-performance solution, serving a controlled energy transition. Our model, combining solar power generation and energy storage, is attracting growing interest,.

“In the first half of 2024, solar energy prices frequently became negative due to overproduction during certain hours. The ability to store this energy, and thus avoid price volatility, is proving to be the optimal solution for both producers and consumers.”

Matthieu Poisson, CEO of Amundi Transition Énergétique, said: “We are very optimistic about the development of infrastructure solutions combining solar energy production and storage (BESS), which will play a key role in decarbonising the electricity system …

“We are delighted to join forces with the founders and existing shareholders as well as the management team of ZE Energy, a team with a proven track record and potential, and we look forward to supporting them in this plan for European growth and expansion”.

Philippe Detours, Managing Partner at Demeter, said: “With its hybrid assets, the company’s approach to energy efficiency is perfectly aligned with the vision and investment thesis of the Climate Infrastructure Fund. This round of financing will support ZE Energy’s growth in France and abroad”.

Soregies, a major player in the energy transition in the Nouvelle-Aquitaine region, and already a customer and partner of ZE Energy, is also investing in the company once again.

Frédéric Bouvier, Chairman of the Executive Board of Groupe Sorégies, said: “Flexibility is a major challenge for the energy transition. This is why, we are continuing our collaboration, capitalizing on the complementarity of our approaches and the success of our joint achievements.

“Our partnership is key to developping efficient solutions that offer our customers green, local, dispatchable energy at a controlled price.”