Future market energy storage: BayBG invests €5 million in energy storage manufacturer Fenecon

Energy management specialist secures growth capital to expand production capacity

Munich / Deggendorf, July 11, 2024. BayBG Bayerische Beteiligungsgesellschaft is investing in GreenTech company Fenecon. The energy storage specialist focuses on the development and production of battery storage systems with intelligent energy management and is among the leading providers in Germany. The additional equity of €5 million will be used to expand production capacity in Germany and the United States.

For years, Fenecon has been actively driving the energy transition and is committed to a future based on 100% renewable energy. The company develops and manufactures innovative energy storage solutions for residential, commercial and industrial applications.

To meet the growing demand for large-scale storage systems, particularly from industrial customers and energy providers, Fenecon recently opened a new production facility: In the “CarBatteryReFactory” in Lower Bavaria, up to 500 large-scale storage systems with a total capacity of 250 MWh are produced annually from used electric vehicle batteries. In parallel, another production site is being established in South Carolina – the company’s first location outside Germany.

Peter Herreiner, Managing Director of BayBG, commented:
“The expansion of storage capacity is essential for a successful energy transition. Given the rising demand, the market for energy storage solutions is set to grow rapidly. Fenecon is very well positioned with its product portfolio and is now focusing on scaling its capacities. We are pleased to support the company on its growth journey.”

Franz-Josef Feilmeier, Managing Director of Fenecon, added:
“The market for large-scale storage systems in commercial and industrial applications, as well as for solar and charging parks, is growing dynamically. With BayBG as our financial partner, we are well positioned to capitalize on these opportunities. Our revenue has grown by around 800% over the past four years, highlighting the key role of energy storage in the energy transition.”

Elke Jung, Investment Manager at BayBG, commented:
“Fenecon already distributes its storage solutions across Europe and will soon expand into the U.S. market. We are excited to support this innovation leader in its continued growth.”