Newly formed investment platform Anchor Energy Partners announced today the launch of its first fund, Anchor Fund I, focused on developing battery storage and energy flexibility infrastructure across Europe.

Anchor said that it has set a target size of €75 million (USD$84 million) for the new fund.

Based in Copenhagen, Anchor Energy Partners finances, develops and operates battery storage systems and other energy flexibility assets, focusing on mid-market infrastructure projects that are too small for large infrastructure funds but require more capital than developers can provide independently.

The new firm is led by CEO Fabian Siegel, former co-founder and co-CEO of Delivery Hero, founder of Marley Spoon and of Icecreek Energy, alongside former AIP Management Director of Investments Lasse Helstrup, former Icecreek Energy Chief AI Officer Abhi Chirimar, former BCG Principal Alejandra Huerta and Ludvig Holsteinborg, former Director of Operations, IR and General Counsel at The Footprint Fund.

According to Anchor Energy, the launch comes as the expansion of renewable energy generation and increasing electricity demand are straining Europe’s power grids, creating a growing need for energy storage and flexibility solutions. The firm said that the new fund will focus on acquiring and operating de-risked, ready-to-build assets, with a focus on opportunities where the structural demand for flexibility, limited capital availability and deep specialist expertise combine to create attractive investments.

Fabian Siegel, CEO and co-founder of Anchor Energy Partners, said:

“Europe has done much of the hard work of building renewable generation. The bottleneck now is flexibility, and many good mid-market projects are stuck because few investors are set up with appropriate capital and expertise to underwrite them. That is the gap we intend to close.”

The fund’s first close included investments from 2degrees, a founding investor and co-owner of Anchor Energy Partners, and other investors from its network.

Mikkel Bülow-Lehnsby, founder of 2degrees, said:

“We look forward to backing Anchor Energy Partners on its path to becoming a leading pan-European investment platform — and to helping build the energy system Europe is going to need.”