Significant hire strengthens senior team as £1.6 billion battery storage and EV infrastructure programme gathers pace.
Pivot Power has named Richard Braakenburg as its new Chief Finance Officer. The former Green Investment Group Senior Vice President and JPMorgan alumni, coupled with experience working for DECC as a Senior Finance Analyst, reinforces Pivot Power’s high calibre team with his proven ability to finance a diverse range of green projects on a global scale. His appointment follows the departure of Cynthia Dubin, who stepped down as CFO to pursue her growing and impressive board portfolio, which includes her recent appointment to the UK’s Competition and Markets Authority.
The appointment comes as the firm increases team capacity and capability as it plans to build a world-first 2.25 GW network of grid-scale batteries and a private wire infrastructure programme to support the adoption of rapid electric vehicle (EV) charging stations across the UK.
Richard will lead the team in raising capital for its investment programme, and thereafter oversee a rolling drawdown of committed funds throughout 2019 and 2020. In parallel, Richard will work to build the finance team to ensure a strong financial management capability throughout the construction and operational phase of the company’s 45 battery storage sites.
Capitalising on his international finance experience and deep commitment to the energy transition, Richard will join the senior leadership team in assessing potential for replicating the Pivot Power model overseas, upon delivering on the initial plans for the UK market, following international interest.
Describing his reasons for joining Pivot Power, Richard commented: “Joining this dynamic and high performing team offers me the perfect opportunity to use my financial skills and track record to make a meaningful contribution in the transition to a low carbon economy. I am excited to be securing funding and delivering a robust financial set up that will underpin the 2.25 GW grid-scale battery network while also creating meaningful private wire infrastructure focussed on the electrification of transport, which will give me a more direct role in delivering on the energy transition.”
Matt Allen, CEO at Pivot Power commented: “Pivot Power is building a high calibre leadership team to support our organisation as we look to competitively secure finance that is aligned with our vision and mission, establish transparent corporate reporting and embed top-tier management and governance. Richard’s broad and deep knowledge, unequivocal leadership capabilities and global exposure made him a remarkable candidate for CFO, and most importantly, he shares our vision and values and will bring a tireless strength and focus to the business at an incredibly exciting time.” He added, “I would like to sincerely thank Cynthia for her incredible hard work, dedication and support during her time with the business and wish her all the best in the next stage of her extraordinary career. Needless-to-say, she will always be a part of the Pivot Power family.”
Richard joins Pivot Power from Macquarie Green Investment Group, where he was Senior Vice President, Distributed Energy & Onshore Renewables. He had been with the organisation for 6 years, having joined at inception of the Green Investment Bank, before transferring to Macquarie following privatisation. His deep understanding of the UK electricity landscape were built on his time at the Department of Energy and Climate Change (DECC), where he advised on commercial matters affecting policy. Prior to this, he spent nine years with JPMorgan working primarily in leveraged finance and principal credit investing.
He holds a Master of Finance from ESCP Europe and a Master of International Public Policy from Johns Hopkins SAIS.
Pivot Power has financial backing from Downing LLP, a UK-based investment manager which has funded over 100 deals into renewable energy investments since 2010 totalling more than £500 million.
Pivot Power’s £1.6 billion battery storage deployment and EV charging infrastructure programme will jointly provide infrastructure to support the rapid adoption of EVs and underpin clean air policies, while also introducing the essential flexibility into the UK’s energy system to accommodate for the increased forecast of intermittent renewable generation. The company plans to develop 45 sites around the country, installing grid-scale 50MW batteries at electricity sub-stations connected directly to the extra-high-voltage transmission system. Planning permission has been approved for the first five sites and the company aims to have 10 batteries operational by the end of 2020.
The battery network will be the world’s largest, storing enough electricity to supply 235,000 average homes for a day. It will have the ability to release or absorb two thirds the power of the planned Hinkley C nuclear power plant in response to grid balancing requirements.
Richard joins a high-calibre team with the specialist planning, financing, development and management skills to build this business. It was founded and is led by:
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