Leyline Renewable Capital is to partner with utility-scale battery storage developer Grid Connected Infrastructure to develop large-scale standalone battery energy storage system projects (BESS) across the US.
Founded in 2022, GCI has the goal of developing over 1GW of large-scale BESS capacity across the US over the next four years.
Leyline’s Growth Capital provided GCI with a non-dilutive loan facility of up to US$22.5m to launch its greenfield project development process.
With Leyline’s financing, GCI will be able to move quickly to acquire key real estate assets and build an expert development team over the next two years.
Leyline Growth Capital facilitates rapid growth for small, early-stage startups like GCI that have previous development and operational experience but lack assets or cash flow.
In contrast to early-stage private equity investment, which invests in new teams in exchange for equity, Leyline Growth Capital provides non-dilutive debt, the investor said.
The loan is short-term, typically three to five years, and can be used to finance business development, fund acquisitions, and cover overhead.
GCI will be launching at least six projects over the next six months in tradable markets such as CAISO, NYISO, and ERCOT.