Blackstone Acquires Battery Energy Storage Pioneer, NRStor C&I
March 04 2020 - 07:57AM
Business Wire
Blackstone (NYSE:BX) announced today that funds managed by
Blackstone Energy Partners have completed the acquisition of NRStor
C&I L.P. ("NRStor”). NRStor is a Toronto-based developer of
battery storage solutions, targeting scale storage deployment
opportunities in North America. Terms of the transaction were not
disclosed.
NRStor has over 200 MWh of operational, in-construction and
contracted projects in the rapidly growing battery storage market.
The company provides storage solutions to customers across North
America through a turn-key build, own and operate business model.
NRStor is a market leader in its home market of Ontario, Canada,
and has expanded into the United States by leveraging its scalable
platform built to adapt to new market constructs and
opportunities.
“Battery storage will play an important role in the North
American power grid and be critical to achieving ambitious
renewable targets,” said Bilal Khan, Senior Managing Director,
Blackstone Energy Partners. “NRStor is a pioneer in energy storage
and we look forward to helping the leadership team further build
out the company’s platform to reach new markets and
opportunities.”
“We are extremely excited about the new partnership with
Blackstone and the opportunity to further accelerate our growth and
solidify our mission to provide end users and utilities with
innovative storage solutions,” said Moe Hajabed, Founder and CEO of
NRStor. “Blackstone brings both the scale and the deep
understanding of the renewable power and utility markets that will
help us significantly expand our platform and deliver reliable,
clean energy to more communities across North America. We look
forward to this new chapter of our growth.”
About Blackstone Energy Partners
Blackstone Energy Partners is Blackstone's energy-focused
private equity business, with a successful record built on our
industry expertise and partnerships with exceptional management
teams. Blackstone private equity has invested or committed $16
billion of equity globally across a broad range of sectors within
the energy industry.
About Blackstone
Blackstone (NYSE: BX) is one of the world's leading investment
firms. It seeks to create positive economic impact and long-term
value for our investors, the companies they invest in, and the
communities in which they work. We do this by using extraordinary
people and flexible capital to help companies solve problems. Our
asset management businesses, with $571 billion in assets under
management, include investment vehicles focused on private equity,
real estate, public debt and equity, growth equity, opportunistic,
non-investment grade credit, real assets and secondary funds, all
on a global basis. Further information is available at
www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
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version on businesswire.com: https://www.businesswire.com/news/home/20200304005410/en/
Media: Blackstone Kate Holderness
Kate.holderness@blackstone.com +1 646 482 8774
NRStor C&I Christie Kneteman ckneteman@nrstor.com +1
416 779 6681
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