Lightshift Energy, formerly known as Delorean Power, an Arlington, Va.-based utility-scale energy storage development company, raised $100M from Greenbacker Capital Management.
The company has secured $20M from a GCM-affiliated investment vehicle dedicated to making growth equity investments in sustainable infrastructure development platforms. These funds will be used to scale Lightshift’s team, accelerate sales, and grow its pipeline. In addition, the company has secured $80M from a second GCM-affiliated investment vehicle that invests in sustainable infrastructure assets. This capital will support the construction and operations of Lightshift’s portfolio.
Founded in 2019 by energy transition veterans Michael Herbert and Rory Jones, Lightshift Energy is a utility-scale energy storage development company developing a diverse pipeline of energy storage projects, ranging in size up to 250 MW across the US. Lightshift possesses energy storage analytics, application design, finance, and development expertise and focuses on the development of energy storage projects that maximize value for utilities and other customers.
The company has over 20 battery projects under contract to date and a pipeline in excess of 4,000 MW. Its 10.5 MW battery facility in Danville, Virginia, which has been operating since 2022, is expected to save the city of Danville more than $40 million.
FinSMEs
28/03/2024