Ex-Recurrent officials create battery storage co Nightpeak
The Crimson Storage site in California. Image source: Canadian Solar Inc/PRNewswire
Former executives at Canadian Solar Inc’s (NASDAQ:CSIQ) subsidiary Recurrent Energy LLC on Monday announced the creation of a low-carbon business that will focus on battery storage development across the US.
Nightpeak Energy, as the new company is dubbed, will develop, own and operate utility-scale flexible generation sources such as large-scale battery storage, it said in a press statement, adding that its major goal is to address the “growing capacity and reliability needs of a decarbonised grid.”
The entity was created by industry veterans Paris Hays, Michael Laubenthal, Lucas Moller and Benjamin Snieckus. Among its backers is Dallas-based Energy Spectrum Capital, which has provided the business with equity funding worth up to USD 200 million (EUR 202.7m). Additionally, the firm has obtained a letter of credit facility from an unnamed US lender.
As a start, Nightpeak Energy intends to focus on projects located in the US West and Texas, while its plan is to operate in markets seeking to add flexible generation sources to support renewable energy expansion, as well as proven markets for battery storage development. The firm’s website shows that it will work on technologies such as lithium-ion batteries, long-duration energy storage and hydrogen generators.
"Flexible generation will enable the massive build-out of renewable energy while providing grid reliability and long-term value for the customers and communities we serve," said Paris Hays, co-founder and CEO of Nightpeak Energy.
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.