Ethtry (LSE:ETHY) has committed £1m to senior secured notes issued by Apatura, a UK developer of large-scale battery storage and grid-secured data centre sites.
The AQSE-listed company, which pursues opportunities across renewable energy, AI and data centre infrastructure and Web3 technologies alongside its Ethereum treasury policy, funded the investment entirely from existing cash reserves, avoiding any new equity issuance.
Apatura reports a 10GW energy and digital infrastructure pipeline, including roughly 2GW of fully consented battery storage capacity and 2.4GW of AI-ready data centre capacity at grid-secured locations.
The notes carry a senior secured position, backed by first-ranking security at both holding-company and project-company level, and are structured to pay quarterly interest plus a redemption premium on repayment.
It is the second deployment under Ethtry's structured debt programme, following a £500,000 senior secured loan to Cerulean Winds announced in May, bringing total committed capital to £1.5m across two positions.
Director Mike Murphy said the deal gives Ethtry exposure to "two of the defining infrastructure requirements of the next decade: large-scale storage for a renewables-led electricity system and scarce, resilient power capacity for AI and data centres."
The board says it will maintain adequate liquidity for operational priorities, with further deployment subject to available cash, market conditions and ongoing capital allocation review.
News Intelligence what this means for the company
Ethtry has deployed £1m of existing cash into senior secured notes issued by Apatura, a battery storage and data centre developer, bringing its structured debt programme to £1.5m across two positions. This is the second tranche under a capital allocation strategy announced in May, when the company committed £500,000 to Cerulean Winds; the board signals further deployments will depend on available cash and market conditions.
The deployment uses existing cash without dilution and targets infrastructure assets (grid-secured battery storage and AI data centre capacity) aligned with stated strategic priorities. However, the factfile describes Ethtry as an upstream oil & gas operator, creating a material disconnect between the company's historical identity and its current capital allocation into renewable and digital infrastructure—a pivot that warrants scrutiny of whether cash generation from core operations can sustain this shift.
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