Funds managed by Blackstone Energy Partners have completed the acquisition of NRStor C&I, a Canadian developer of battery storage solutions, for an undisclosed price.
Blackstone said through the acquisition it is targeting scale storage deployment opportunities in North America.
NRStor has over 200 megawatt-hours of storage either operational, under construction or contracted.
It provides storage solutions to customers across North America through a turnkey build, own and operate business model.
Blackstone Energy Partners senior managing director Bilal Khan said: “Battery storage will play an important role in the North American power grid and be critical to achieving ambitious renewable targets.
“NRStor is a pioneer in energy storage and we look forward to helping the leadership team further build out the company’s platform to reach new markets and opportunities.”
NRStor founder and chief executive Moe Hajabed said: “We are extremely excited about the new partnership with Blackstone and the opportunity to further accelerate our growth and solidify our mission to provide end users and utilities with innovative storage solutions.
“Blackstone brings both the scale and the deep understanding of the renewable power and utility markets that will help us significantly expand our platform and deliver reliable, clean energy to more communities across North America.
“We look forward to this new chapter of our growth.”