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Greenbacker Capital Management's Major Investment Takes Lightshift Energy to the Next Level

2024-04-15

Lightshift Energy, an energy storage solutions provider previously operating under the brand Delorean Power, recently secured major stockholder capital from Greenbacker Capital Management LLC, herein referred to as "Greenbacker" or "GCM". An impressive total of $100M has been funneled into the company from Greenbacker, with the aim of executing widespread expansion of utility-scale battery storage across North America.

 

One Greenbacker-associated investor dedicated to supporting healthy expansion within the sustainable infrastructure sector has bestowed $20M upon Lightshift. These funds intend to uphold expansion in Lightshift's staffing, sales growth, and to catalyze the development of a burgeoning project pipeline. Moreover, Lightshift has also profited from an $80M capital boost from another GCM-affiliated investor, with a vested interest in sustainable infrastructure assets. This large financial boost is earmarked for supporting the construction and operational phase of Lightshifts portfolio.

 

Empowering Sustainable Energy Transition with Enhanced Partnerships

 

"Strengthening our alliance with Lightshift Energy aligns perfectly with Greenbackers pledge to speed up the integration of sustainable energy across the United States," claimed Benjamin Baker, the brains behind Greenbackers growth equity strategy. Benjamin continued, "Lightshift holds a strategic place in the market to aid utilities in optimizing battery storage, catering to increased demands for grid resilience, and accommodating a more complex power system with energy storage solutions."

 

Greenbackers financial backing of Lightshift builds on an initial strategic equity investment landed in 2021 through the Greenbacker Development Opportunities Fund I, LP, to a tune of $20M. These latest funds come hot on the heels of Lightshift Energys recent rebranding from Delorean Power. The plan for these investments is to maximize the companys operational possibilities and increase project outreach to meet the escalating demand for integrated grid solutions.

 

Revolutionizing Energy Management with Advanced Grid Storage

 

"Utility-scale grid storage is a game-changer in the world of power management, with Lightshifts battery solutions offering reliability for energy and cost," noted Dan De Boer, who heads Greenbackers sustainable infrastructure strategy. He added, "As utilities from both rural and urban backgrounds search for cost-effective and sustainable solutions to increase their communitiesenergy resilience, Lightshift stands strong as an accomplished partner ready to meet those needs."

 

Kicked off in 2019 by industry veterans Michael Herbert and Rory Jones, Lightshift has seen remarkable growth, establishing itself as a trusted energy storage solutions innovator. Since benefiting from Greenbackers previous engagement, Lightshift has grown from strength to strength, adding a formidable team of professionals and markedly expanding their project scope. The most recent injections of capital are set to push Lightshift to satisfy rapidly-growing project demand among public power institutions, privately-owned utilities, and large corporate customers across the U.S.

 

Addressing Energy Challenges with Innovative Design and Operation

 

"In the face of rapid electricity demand and increasing appetite for green energy, we are now witnessing substantial pressure on our legacy energy infrastructure, leading to significant supply, cost, and reliability issues nationwide. Our storage projects are specifically designed to alleviate these problems. We're excited to help our utility partners realize substantial cost savings and lay a solid foundation for reliable yet sustainable development,"stated Rory Jones, Managing Partner and co-founder of Lightshift. Jones adds, "Our out-of-the-box approach to storage development and operations takes into account both technical and economic bottlenecks faced by our partners and capitalizes maximum impact via flexible battery usage."

 

Lightshift is pioneering America's integrated grid energy changeover, boasting over 20 diverse battery projects currently under contract, and an impressive project pipeline surpassing 4,000 MW. Their ongoing project - a 10.5 MW battery facility situated in Danville, Virginia, has been actively operating since 2022. Lightshift expects the activity from this facility to save Danville over $40 million and substantially improve grid reliability, while delivering extra benefits to local ratepayers. This successful model is being replicated by Lightshift across their geographically diverse project pipeline.

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