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Greenbacker invests $100M in Lightshift

Lightshift, formerly Delorean Power, secures $100M from Greenbacker to boost its multi-gigawatt energy storage solutions.
investissement Greenbacker 100 millions Lightshift

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On March 28, 2024, in Arlington, Virginia, Lightshift Energy, formerly known as Delorean Power, received a total investment of $100 million from Greenbacker Capital Management LLC (GCM). An amount of $20 million comes from an investment vehicle affiliated to GCM, dedicated to growth capital investments in sustainable infrastructure development platforms. This investment will be used to expand Lightshift’s team, accelerate sales and develop its project pipeline. A second investment of $80 million, also from a GCM-affiliated vehicle investing in sustainable infrastructure assets, will support the construction and operation of Lightshift’s portfolio.

A stronger commitment from Greenbacker

Benjamin Baker, head of growth capital investment strategy at Greenbacker, said the commitment to Lightshift Energy underscores the company’s determination to accelerate “the integration of sustainable energy in the United States”. He mentioned that Lightshift is well positioned to help utilities optimize battery storage for their systems, responding to the growing demand for grid resilience and the integration of an increasingly complex power system with energy storage solutions.

Strategic direction of investments

These recent investments follow Greenbacker’s initial strategic investment in Lightshift in 2021, which was $20 million from Greenbacker Development Opportunities Fund I. They come on the heels of the recent name change of Lightshift Energy, formerly Delorean Power, and are designed to strengthen the company’s operational capacity and expand its projects to meet the growing demand for integrated grid solutions.

Dan De Boer, Infrastructure Manager for Sustainable Infrastructure Strategy at Greenbacker, said that large-scale grid storage is “revolutionizing” electricity management, and that Lightshift’s battery solutions provide both energy reliability and cost stability. He stressed that Lightshift is a proven partner to meet the needs of rural and urban utilities looking for sustainable, cost-effective options that increase the energy resilience of their communities.

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