Private equity and the future of energy storage with Jim Mills (Managing Director @ Adaptogen Capital)

Mar 27, 2025

Jim Mills, Managing Director at Adaptogen Capital, dives into the transformative world of battery storage in the energy sector. He highlights how private equity has become a key player in scaling battery infrastructure, enabling the integration of renewables. Jim discusses challenges in financing and technological advancement, as well as emerging trends like co-located storage. He emphasizes the importance of regulatory adjustments and market signals to align energy generation with consumer needs, painting a promising picture for a net-zero future.

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ANECDOTE

First Asset Live

Adaptogen Capital's first battery storage asset went live over Christmas.
Two more assets, totaling 250 MW, will be operational by the end of 2026.

INSIGHT

Crucial Battery Storage

Battery storage is now crucial for the energy transition, requiring significant investment.
The UK aims to increase battery storage fivefold by 2030, needing £1.5-2 billion annually.

INSIGHT

Batteries for Low-Cost Energy

Batteries are essential for a low-cost consumer energy system.
A high-renewable grid necessitates batteries for managing price volatility and congestion.

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Battery storage has become a key pillar of the energy transition, driving improvements in grid stability and renewable integration. Understanding how investment and technology have evolved over the last decade is key to grasping the market’s growth, the role of private equity, and the challenges and opportunities that lie ahead for large-scale deployment.

In this episode of Transmission, Jim Mills, Managing Director of Adaptogen Capital, shares his insights into the growth of the battery storage market and the role of private equity in driving change. From challenges in financing to future market trends, Jim offers a detailed look at the factors shaping the energy transition. Over the course of the conversation you’ll hear about:

How the battery storage market has changed over the last 10 years, from early-stage development to large-scale deployment.
Why private equity has been a key driver in scaling battery infrastructure and attracting institutional capital.

Insights into the financial, regulatory, and technological hurdles that have impacted market growth.
Jim’s take on emerging market trends, including the rise of co-located storage and grid-scale projects.
How Adaptogen Capital identifies opportunities and structures deals to mitigate risk and maximize returns.

About our guest

Jim Mills is Managing Director at Adaptogen Capital. Jim has extensive experience in private equity and has successfully raised and deployed funds in the battery storage sector. With a career spanning over two decades, Jim has worked closely with energy developers, investors, and policymakers to navigate the complexities of renewable energy financing and infrastructure development.

Adaptogen Capital is an investment firm focused on energy storage projects that support grid stability and the transition to renewable energy. Investing in large-scale battery storage assets and helping to enhance grid flexibility and enable greater integration of renewable power sources. For more information, head to their website.

About Modo Energy

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

All of our podcasts are available to watch or listen to on the Modo Energy site. To keep up with all of our latest updates, research, analysis, videos, podcasts, data visualizations, live events, and more, follow us on LinkedIn or Twitter. Check out The Energy Academy, our bite-sized video series breaking down how power markets work.