French solar-plus-storage developer ZE Energy raises $58m

ZE Energy has raised €54 million to help its ambition of reaching more than 600 MWh of energy storage capacity and more than 900 MW of solar capacity during 2026.

The Paris-based company, which has a more-than-400 MW battery and 1 GW-plus solar portfolio already, wants to expand its solar-plus-storage project approach, with a focus on European projects.

Since being founded in 2019, ZE Energy has positioned itself as a solar-plus-storage hybrid developer capable of adapting energy supply to customers’ 24-hour consumption profiles.

“In a context of increasing volatility in solar energy prices, our model is meeting with growing interest,” said ZE Energy Founder Mathieu Lassagne. “In the first half of 2024, solar energy prices have become increasingly negative, due to overproduction over certain hours. Being able to store this energy, and therefore not be subject to price volatility, is essential for both producers and consumers as the optimal solution.”

The company’s latest funding round, which follows a €40 million exercise in 2021, attracted two new investors. The Amundi Transition Énergétique fund, owned by French asset management business Amundi, led the latest fundraising round, via its Core+ infrastructure fund. Paris-based energy transition investor Demeter also came on board alongside Sorégies, a shareholder from the very beginning of ZE Energy and fellow backers Marguerite, HTGF and ZE Way Invest.

From pv magazine France.