Lightshift Energy Raises $100 Million From Greenbacker Capital Management to Expand Utility Scale Battery Storage Across North America
March 28 2024 - 7:00AM
Business Wire
The growth equity infusion will enable further
expansion of the company’s diverse, multi-gigawatt energy storage
solutions
Today, Lightshift Energy (“Lightshift”), formerly known as
Delorean Power, announced capital infusions totaling $100M from
Greenbacker Capital Management LLC ("Greenbacker" or “GCM”). The
company has secured $20M from a GCM-affiliated investment vehicle
dedicated to making growth equity investments in sustainable
infrastructure development platforms. These funds will be used to
scale Lightshift’s team, accelerate sales, and grow its pipeline.
In addition, Lightshift has secured $80M from a second
GCM-affiliated investment vehicle that invests in sustainable
infrastructure assets. This capital 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.”
These commitments build upon Greenbacker’s initial strategic
equity investment in the company in 2021—a $20M investment from
Greenbacker Development Opportunities Fund I, LP. These recent
investments come on the heels of Lightshift Energy’s recent rebrand
from Delorean Power, and are earmarked for bolstering the company’s
operational capacity and expanding projects to meet the burgeoning
demand for integrated grid solutions.
“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.”
Founded in 2019 by energy transition veterans Michael Herbert
and Rory Jones, Lightshift has experienced unprecedented growth and
is now among the most trusted providers of innovative energy
storage solutions. Since Greenbacker’s previous financial
commitment, Lightshift has added an extraordinary bench of talent
and significantly expanded its pipeline. The recent investments
will help Lightshift meet the fast-growing demand for its 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.”
With over 20 battery projects under contract to date and a
pipeline in excess of 4,000 MW, Lightshift is leading America’s
integrated grid energy transition. The company’s 10.5 MW battery
facility in Danville, Virginia, which has been operating since
2022, is expected to save the city of Danville more than $40
million, providing a significant boost to local ratepayers while
supporting broader grid reliability. Lightshift is replicating this
level of impact across its geographically diverse pipeline.
About Lightshift Energy
Lightshift Energy, formerly Delorean Power, is a utility-scale
energy storage development company with headquarters in Arlington,
Virginia. Founded in 2019 and backed by funds managed by
Greenbacker Capital Management, Lightshift is developing a diverse
pipeline of energy storage projects, ranging in size up to 250 MW
across the US. Lightshift possesses leading energy storage
analytics, application design, finance, and development expertise
and focuses on the development of energy storage projects that
maximize value for utilities and other customers. For more
information, please visit www.lightshift.com.
About Greenbacker Capital Management
Greenbacker Capital Management LLC is an SEC-registered
investment adviser that provides advisory and oversight services
related to project development, acquisition, and operations in the
renewable energy, energy efficiency, and sustainability industries.
For more information, please visit
https://greenbackercapital.com.
About Greenbacker Development Opportunities
Greenbacker Development Opportunities is a middle-market private
equity strategy that invests in growing sustainable infrastructure
platforms serving high-value markets across the US. The strategy is
managed by Greenbacker Capital Management, LLC. For more
information, please visit
https://greenbackercapital.com/greenbacker-development-opportunities.
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Mission Control for Lightshift Energy
lightshift@missionc2.com
Greenbacker Capital c.larson@greenbackercapital.com