April 8 (Renewables Now) - US private equity firm Greenbacker Labs said on Friday it has invested in Exergy Energy, a provider of renewable energy and back-up generation.
Terms and details about the equity investment were not provided. Greenbacker Labs’ investment is expected to support Exergy Energy’s planned expansion and enable its management to focus solely on servicing its customers, said Ely Greenberg, director of business development at Greenbacker Labs, adding that the deal was triggered by the target’s “unique” approach to microgrids and strong value proposition.
Set up in 2018, Exergy Energy says on its website it operates more than 600 MW of solar and biomass plants. The distributed utility also designs and builds microgrids, supplying on-site standby and backup generation at zero upfront cost for customers.
“With Greenbacker Labs’ support and capital investment, Exergy will accelerate its growth and bring its exclusive 100%-green utility services to more organizations seeking to reach their sustainability goals,” said David March, CEO of Exergy Energy LLC.