Lightshift raises $100m from Greenbacker for North American BESS

Lightshift raises $100m from Greenbacker for North American BESS

Lightshift raises $100m from Greenbacker for North American BESS 640 480 Batteries International

April 3, 2024: Lightshift Energy said on March 28 it had raised a total of $100 million from Greenbacker Capital Management to expand utility-scale battery storage across North America.

Virginia-headquartered, formerly Delorian Power, was founded in 2019 and has more than 20 battery projects under contract to date and a pipeline in excess of 4,000MW.

The latest investments follow an initial $20 million strategic equity investment in the company in 2021 from the Greenbacker Development Opportunities Fund.

Greenbacker’s head of growth equity strategy Benjamin Baker said Lightshift is positioned to help utilities make the most of BESS for their systems while meeting increasing demand for grid resiliency.

Energy storage capacity in the US nearly doubled in 2023 as developers connected 7.9GW to the grid, according to data released by the American Clean Power Association on March 7.

Solar and storage led the charge as the industry added a total of nearly 34GW of new utility-scale clean energy projects to the grid, surpassing by 12.5% the previous annual installation record set in 2021, ACP said.