Clean Energy

We seek new innovations and technology that can accelerate progress to a low carbon economy and with the potential to secure sustainable returns for investors – our investment in Oxford PV is a leading example of this.

In November 2016, we invested in Oxford Photovoltaics Limited (Oxford PV), an early stage technology spin-out from the University of Oxford, to commercialise perovskite, a low-cost, highly efficient solar cell absorber material that can vastly improve a solar panel’s ability to convert sunlight into electricity.

Oxford PV solar cells are setting world records for efficiency and hold the potential to make every solar panel substantially more efficient, produce more electricity and thereby provide higher volumes of renewable electricity to use in buildings and connect to power grids across the world.

In 2016 we invested in NTR Asset Management Europe, a specialist sustainable infrastructure manager established to invest in the construction and long-term operation of wind farms, solar plants and battery storage assets across the UK and Europe.

We support the scale-up and success of the platform by investing in its first two funds to build new renewable energy assets that already deliver significant volumes of green electricity to power homes and avoid carbon emissions.

NTR are a signatory to the UN Principles for Responsible Investment (PR). In its PRI Assessment Report 2019-2020, NTR Achieved an "A" rating in Strategy & Governance and an "A+" rating in Infrastructure.

In 2020, we invested into The Kensa Group, one of the UK’s largest manufacturer and installer of ground source electric heat pump technology, to enable them to scale up to meet the challenge of decarbonising heating in the UK. Kensa is the only integrated supplier of ground source heat pumps and their technology is one of the most reliable and efficient ways to provide heat and help deliver homes with zero operational carbon emissions. 

Kensa will play a major role in an inclusive transition to low carbon heating, supporting significant UK job creation in the low carbon sector as both a manufacturer and installer of its heating products. 

In February 2019, we invested in Pod Point, the electric vehicle charging business, to scale up the provision of electric vehicle (EV) charging infrastructure in the UK. In February 2020, we increased our stake to c.23%, forming a joint venture strategic partnership with EDF combining our investment, commercial and operational support for Pod Point’s strong growth.

Housing is a major contributor to carbon emissions, requiring some of the most challenging and immediate overhauls of any sector. In January 2022 we led an investment raise alongside Hodge into Sero Technologies, to  support the business in its next stage of growth. Sero is an  industry leading digital business, who has developed tools and expertise to design and deliver cost effective low carbon solutions for both new build and existing homes. There are significant opportunities for Sero to work with Legal & General’s existing housing and mortgage businesses.

Brill Power is an early-stage spin-out company of Oxford University, specialising in intelligent battery management systems (BMSs). As a business, Brill Power’s mission is to make batteries smarter, cleaner, safer and longer-lasting. By controlling the battery at the level of individual cells, Brill’s BMS offers up to 60% longer battery lifetime and up to 46% more energy for used batteries.

Brill Power’s technology is a key enabler for battery systems in applications including commercial & industrial buildings, on and off grid energy storage, residential homes and electric vehicles in a battery market estimated at $400 billion by 2030.

Cement is one of the most widely used materials on the planet, it is an essential building material in the construction industry, yet the production of cement is responsible for c.7% greenhouse gas emissions. Embedded cement emissions in construction materials are one of the most challenging scopes of emissions to tackle for housebuilders and landlords.  As significant investors in Real Estate, with a commitment to meet net zero across our portfolio, we are looking for innovative solutions and critical technology that will help us tackle Scope 1, 2 & 3 emissions to achieve our net zero targets. 

In December 2022, Legal & General Capital invested in Cambridge Electric Cement, a novel company founded by three Cambridge academics, set up with the support of Legal & General and the University of Cambridge, using a pioneering approach to decarbonise cement production.  Cambridge Electric Cement is recycled zero carbon Portland cement, which eliminates the emissions of cement production, saves raw materials and reduces the emissions associated with steelmaking.  

Oxfordshire-based Tokamak Energy is pioneering the development of a commercial fusion energy solution by utilising its two world-leading technologies which are its compact, spherical tokamak and High Temperature Superconducting (HTS) magnets.

In 2022, Tokamak Energy achieved a world-first with its privately funded spherical tokamak, the ST40, by reaching temperatures of 100 million degrees Celsius, which is the threshold for fusion energy. While several government laboratories have recorded temperatures of 100 million degrees in conventional tokamaks, this milestone has been reached in just five years for a cost of less than £50 million and in a much more compact fusion device.