Grid Scale

Greenbacker invests $100M in utility-scale storage company

Greenbacker invests $100M in utility-scale storage company
(Credit: Lightshift Energy)

Lightshift Energy, formerly known as Delorean Power, has announced capital infusions totaling $100M from Greenbacker Capital Management (GCM).

Lightshift Energy is a utility-scale energy storage development company and a developer and owner-operator of standalone battery energy storage projects up to 250 MW. It was founded in 2019 and backed by funds managed by Greenbacker. Lightshift has over 20 battery projects under contract to date and a pipeline in excess of 4,000 MW.

Lightshift secured $20M from a GCM-affiliated investment vehicle, which will be used to scale Lightshift’s team, accelerate sales, and grow its pipeline. Additionally, the company secured $80M from a second GCM-affiliated investment vehicle, which will support the construction and operations of Lightshift’s portfolio.

“Greenbacker’s expanded partnership with Lightshift Energy reaffirms our company’s commitment to expediting the integration of sustainable energy across the United States,” said Benjamin Baker, head of Greenbacker’s growth equity strategy. “Lightshift is uniquely positioned to assist utilities in optimizing battery storage for their systems, meeting growing demand for grid resiliency, and integrating an increasingly complex power system with energy storage solutions.”

GO DEEPER: Check out the Factor This! energy storage podcast playlist, including episodes on battery storage, long-duration energy storage, gravity storage, and more. Subscribe wherever you get your podcasts.

Greenbacker’s initial strategic equity investment in the company in 2021 was a $20M investment from Greenbacker Development Opportunities Fund I, LP.

“Utility-scale grid storage is revolutionizing electricity management, and Lightshift’s battery solutions provide both energy reliability and cost stability,” said Dan De Boer, head of infrastructure for Greenbacker’s sustainable infrastructure strategy. “As rural and urban utilities continue to seek cost-efficient, sustainable options that increase their communities’ energy resilience, Lightshift is a proven partner to meet those needs.”

Since Greenbacker’s previous financial commitment, Lightshift says it has added talent and expanded its pipeline, while the most recent investments will help it meet the growing demand for storage projects across public power, investor-owned utilities, and large corporate consumers in the U.S.

“Rapidly increasing electricity demand and the growing appetite for renewable energy are straining our legacy energy infrastructure and creating major supply, cost, and reliability challenges across the country. Our storage projects are purpose-built to address these challenges, helping our utility partners achieve major cost reductions while paving the way for reliable and sustainable growth,” said Rory Jones, Managing Partner, and co-founder of Lightshift. “Our unique approach to storage development and operations considers the full landscape of technical and economic challenges confronted by our partners and uses the flexibility of batteries for maximum impact.”

Tags