An affiliated fund of Greenbacker Capital Management has made a strategic equity investment in US energy storage developer Delorean Power.
The investment will allow Delorean to further scale its platform, while continuing to execute and expand on its existing pipeline of energy storage projects.
In addition to the initial $20m commitment from the fund, Delorean is in the process of raising a significant amount of asset-level capital to further resource its pipeline.
Fund managing director and principal Ben Baker said: “Greenbacker is excited to enter the standalone battery storage development market through our partnership with Delorean.
“We spent a significant amount of time looking for the right battery storage partner, and we believe Delorean is well positioned for success over the next several years.
“The firm’s leadership has built a strong business and we look forward to growing from that solid foundation.”
Delorean is based in the US state of Virginia, where it was founded in 2019 by Michael Herbert and Rory Jones.
Delorean board member Glen Davis said: “Delorean’s advantage begins with the collaborative partnerships the company builds with its customers and their communities.
“Projects are then structured, designed and developed to meet each customer’s unique energy storage needs in a rapidly evolving marketplace.”