HMC Capital to invest $50m in battery company

The news: Investment manager HMC Capital will pick up a majority stake in Victoria-based battery energy storage developer StorEnergy as part of its push into the energy transition segment.

The numbers: HMC will invest up to $50 million in StorEnergy over three years. This will be the first investment of its inaugural Energy Transition Platform, for which it is raising up to $2 billion to assemble a 15-gigawatt development portfolio of green assets across wind, solar, battery, biofuels and emerging technologies.

The context: HMC said StorEnergy’s senior management team will retain a minority stake and continue to lead the business. The target company’s portfolio currently comprises of four battery energy storage systems projects across four states, and it is targeting a development portfolio of 1.4 GW.

The ASX-listed HMC Capital acquired private credit investor Payton Capital in May, and also holds large stakes in listed firms Baby Bunting, property developer Lendlease, agribusiness GrainCorp and pharmacy wholesaler Sigma Healthcare.