Energy storage co FlexGen pockets USD 150m in equity
FlexGen power system. Image by: Business Wire/Ioxus.
US energy storage solutions provider FlexGen Power Systems Inc has received USD 150 million (EUR 127.1m) in equity from funds managed by US private equity firm Apollo Global Management (NYSE:APO), the latter said last week.
The equity investment will be made in partnership with FlexGen's existing investors -- venture capital firm Altira Group and FlexGen's founding investment group led by Jerry Miller and Mark Dreyfus.
Set up in 2009, North Carolina-headquartered FlexGen has created a software platform that enables energy storage owners to deploy various power market strategies and combine storage solutions with power generation. Since its creation, it has supported the deployment of more than 1.2 GWh of energy storage systems across the US and globally. Among the company’s other investors are Caterpillar Ventures and GE Ventures.
Commenting on Apollo’s transaction, FlexGen’s CEO Kelcy Pegler said: "Our work with Apollo will accelerate FlexGen's growth, and the capabilities we can offer going forward while establishing the bankability that the market values when making energy storage investments.”
Vinson & Elkins LLP acted as legal counsel to the Apollo Funds, while Citi was FlexGen’s financial advisor.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.