Power firm CNE plans £300m cash raise and 200 jobs
Philip Patterson (left) and Harry Patterson
Hybrid power company Carbon Neutral Energy (CNE) hopes to raise £300 million and create 200 jobs in Scotland over the next five years.
The Aberdeen company has invested heavily in technology to meet the growing challenge of storing and using electricity produced from renewable sources.
CNE is now preparing for a major fund-raising exercise to ensure it has the right level of capital to exploit the opportunity and build a business capable of creating and supporting hundreds of green energy jobs in Scotland.
Using a range of mobile, modular energy storage systems with large capacity battery storage, CNE aims to increase green electrification and reduce carbon emissions, accelerating the UK’s net-zero ambition.
It was formed last year by energy industry veteran Mark Patterson and his two sons Harry and Philip.
Mark Patterson, chairman and interim chief executive, said: “Green power has advanced but the challenge in storing that power leads to significant waste. The drive towards electrification, coupled with the rising need for energy storage, means there is a massive, global demand for our systems.
“Capacity has been lacking for years leading to in excess of £100m of taxpayers’ money being spent year on paying windfarms to stop producing. This could be diverted into storage and delivering the power when we need it.
“This can significantly enhance grid capacity and fast-track green power distribution across the UK.
“Being able to deliver green power to remote sites, for example, is a game-changer for connectivity in relation to electric vehicles. The applications for sizeable electric storage systems are immense and the need is right now.”