Harmony Energy Income Trust float on the Specialist Fund Segment of the Main Market of London Stock Exchange
November 2021
Harmony Energy Income Trust plc is an Open-Ended investment company that invests in commercial scale energy storage and renewable energy generation projects, with an initial focus on a diversified portfolio of battery energy storage systems (BESS) located in Great Britain.
The Company is advised by Harmony Energy Advisors Limited, which is a wholly-owned subsidiary of Harmony Energy Limited who are a leading UK battery energy storage project developer with an established track record in developing, funding and supervising the construction of such projects and other renewable generation projects in Great Britain. To date Harmony Energy has developed BESS Projects in Great Britain totalling 238.5 MW / 477 MWh of which 41.5MW / 83MWh is operational and 197 MW / 394 MWh is in construction, including the Pillswood Project.
Harmony Energy started working with Tesla in 2016 and engaged Tesla as supplier and EPC contractor in relation to their first and second projects which they delivered in joint venture with FRV: Holes Bay in Dorset (7.5 MW / 15 MWh) and Contego in West Sussex (34 MW / 68 MWh). Holes Bay began operations in 2020 and Contego began operations in summer 2021. Tesla also apply their Autobidder AI software to manage the real-time trading and revenue optimisation of these projects. Harmony Energy and FRV has also recently announced the commencement of work at the 99 MW / 198 MWh Clay Tye battery storage project in Essex, again using the Tesla Megapack 2-hr duration system the biggest project of its kind currently under construction in the UK (in terms of energy capacity).
Admission to trading on the Specialist Fund Segment of the Main Market of London Stock Exchange
On 9th November 2021, dealings commenced by way of an initial Placing and Offer for Subscription of up to 230 million Ordinary Shares, Placing Programme of up to 250 million Ordinary Shares and/or C Shares and Acquisition of the Seed Portfolio.
The Perivan shareholder communications team were delighted to work with Joh. Berenberg, Gossler & Co. KG, London Branch who acted as Financial Adviser, Sole Global Coordinator and Bookrunner on the successful publication of the 208-page prospectus.
Perivan specialise in the production and publication of financial documents relating to shareholder and investor communications for quoted companies, private companies and open and closed-ended funds.
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