Greenbacker Capital invests in energy storage co Delorean Power

Power in California. Author: Jeff Turner. License: Creative Commons, Attribution 2.0 Generic.

January 12 (Renewables Now) - An affiliated fund of Greenbacker Capital Management LLC has made a strategic equity investment into energy storage company Delorean Power LLC, thus supporting a pipeline of standalone battery projects across the US.

According to the announcement on Monday, the fund in question has made an initial USD-20-million (EUR 17.6m) commitment to the company, which has now proceeded to raise "a significant amount of asset-level capital."

Based in Arlington, Virginia, Delorean Power is a utility-scale energy storage developer whose projects range in size up to 250 MW. The firm will use the new growth investment to further scale its platform while continuing to execute and expand on its existing pipeline, it said.

Delorean establishes collaborative partnerships with customers and their communities and then proceeds to structure, design and develop the projects, board member Glen Davis explained in a statement.

(USD 1.0 = EUR 0.880)

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