ZE Energy, a Paris-based developer of photovoltaic power plants and energy storage solutions, announced that it had raised €54 million (USD $57.8 million), with proceeds aimed at supporting the continued expansion of its products and services throughout Europe.

Founded in 2019, ZE Energy develops, builds and operates hybrid photovoltaic power plants with energy storage, and also finances projects that provide long-term solutions for renewable energy at fixed prices. The company said that it is on track to have a portfolio of projects in operation or ready to build totaling 900 MW in PV energy production and 600MWh of storage by 2026.

ZE Energy said that the new investment will enable it to grow over the next two years, particularly by financing its expansion in Europe.

Mathieu Lassagne, founder of ZE Energy, said:

“In an increasingly volatile solar energy market, ZE Energy’s model is emerging as a high-performance solution, serving a controlled energy transition. Our model, combining solar power generation and energy storage, is attracting growing interest. In the first half of 2024, solar energy prices frequently became negative due to overproduction during certain hours. The ability to store this energy, and thus avoid price volatility, is proving to be the optimal solution for both producers and consumers.”

The financing was led by Amundi Energy Transition, with an investment through Amundi’s Infrastructure Investment Core+, and also included participation from new investor The Climate Infrastructure Fund, managed by Demeter, and existing investors Sorégies, Marguerite, HTGF and ZE WAY INVEST.

Matthieu Poisson, CEO of Amundi Transition Énergétique, said:

“We are very optimistic about the development of infrastructure solutions combining solar energy production and storage (BESS), which could play a key role in decarbonising the electricity system. We are delighted to join forces with the founders and existing shareholders as well as the management team of ZE Energy, a team with a proven track record and potential, and we look forward to supporting them in this plan for European growth and expansion”.