Greenbacker purchases United States energy storage crew

Jan 11, 2022 03:12 PM ET
  • $ 20m financial investment in Delorean Power will assist better scale its platform as well as expand its pipe
Greenbacker purchases United States energy storage crew
Image: Concept Library Stock Image

An affiliated fund of Greenbacker Capital Management has made a critical equity financial investment in US power storage space designer Delorean Power.

The investment will certainly allow Delorean to additionally scale its platform, while continuing to carry out and also expand on its existing pipeline of power storage projects.

Along with the initial $20m dedication from the fund, Delorean remains in the procedure of increasing a significant amount of asset-level capital to additional source its pipe.

Fund managing director as well as primary Ben Baker stated: "Greenbacker is delighted to go into the standalone battery storage growth market through our collaboration with Delorean.

" We spent a significant quantity of time seeking the appropriate battery storage companion, and also our team believe Delorean is well placed for success over the following a number of years.

" The company's leadership has actually constructed a solid service and we anticipate expanding from that solid foundation."

Delorean is based in the US state of Virginia, where it was founded in 2019 by Michael Herbert and Rory Jones.

Delorean board member Glen Davis claimed: "Delorean's advantage begins with the collaborative collaborations the firm constructs with its consumers as well as their communities.

" Projects are then structured, made and also created to fulfill each consumer's special power storage space requires in a quickly evolving industry."

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