Delorean Power, a developer, and owner-operator of standalone battery energy storage projects in the United States announced this Tuesday that it secured a strategic investment from Greenbacker Capital Management.
Firstly, Greenbacker made the strategic investment through an affiliated fund. The investment would help Delorean to further scale its platform while continuing to execute and expand on its existing pipeline of energy storage projects.
Moreover, the initial commitment of the investment was $20 million. However, Delorean is in the process of raising a significant amount of asset-level capital to further resource its pipeline. Delorean’s projects are integral to the clean energy transition, helping the grid to better adapt to further increases in renewable energy.
In addition, energy storage is a highly flexible resource that can benefit a wide variety of stakeholders; from large corporate customers looking to adopt 24/7 clean energy; to utility partners shifting energy to save money and avoid conventional infrastructure investments.
Also, energy storage can benefit community partners looking to enhance resilience for critical infrastructure; power system operators looking for grid stabilizing services, and enhanced renewable energy integration.
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Delorean to expand its storage solutions after investment
As a result, after Greenbacker’s investment, Delorean will be even more well placed to accelerate the build-out of energy storage; and the numerous sustainability and cost benefits that come with its expansion.
Ben Baker, Managing Director and Principal of the Greenbacker fund said. “Greenbacker is excited to enter the standalone battery storage development market through our partnership with Delorean.”
He also remarked. “We spent a significant amount of time looking for the right battery storage partner, and we believe Delorean is well-positioned for success over the next several years.”
Finally, co-founder of Delorean, Rory Jones, said. “Greenbacker and Delorean have a shared philosophy on sustainability, economic development, and community impact and a shared vision for the opportunity in our markets. We are excited to realize Delorean’s impact potential with the Greenbacker team as we expand our activities and portfolio.”