Apollo Global Management continues to invest in renewable energy by committing $150 million to FlexGen.
This is an important investment in the integration of energy storage contributing to the development of FlexGen’s capacities.
Apollo Global develops large-scale energy storage
Funds managed by Apollo affiliates announce a $150 million capital commitment to FlexGen, a leading provider of integration services and software technology for energy storage solutions in the U.S. and worldwide.
Apollo’s investment will be made in partnership with FlexGen’s existing investors, Altira Group, the founding investment group led by Jerry Miller and Mark Dreyfus, Caterpillar Ventures and GE Ventures.
FlexGen deploys 1.2 GWh of storage
Since its inception in 2009, FlexGen has supported the deployment of over 1.2 GWh of energy storage systems in the U.S. and abroad for utility, microgrid and small business customers.
The company’s software platform enables energy storage system owners to deploy various electricity market strategies and combine storage solutions with any form of generation.
“Our collaboration with Apollo will accelerate FlexGen’s growth and the capabilities we can offer in the future, while establishing the bankability the market values when investing in energy storage. We are well positioned at the most critical intersection in the transition to clean energy: energy storage. We’ve spent the last decade building the most advanced integration solutions on the market – and now that market is ready to take off,” says FlexGen CEO Kelcy Pegler, Jr.
Several key investments
The investment in FlexGen follows on from Apollo’s previous investments in renewable energies.
Over the past 18 months, Apollo funds have invested in US Wind, a developer of offshore wind turbines.
They have created a new venture with Johnson Controls to provide sustainability and energy efficiency services.
Formed a joint venture to accelerate the growth of renewable energy royalty company Great Bay Renewables.
Also invested in electric gas compression company TOPS.
Then agreed to invest in sustainable bioenergy producer AS Graanul Invest.
A multi-billion dollar market
Energy storage represents a multi-billion dollar market at the heart of the energy transition.
The integration of energy storage requires software and technological solutions that play a key role in the adoption of large-scale renewable energies, by compensating for the intermittency and reliability problems that renewable energy production creates for the grid.
