A subsidiary of energy commodity merchant Castleton Commodities International (CCI) has acquired a majority stake in Lower 48 Energy (L48 Energy), a company that originates, builds, owns and operates large-scale energy storage systems.
Based in the UK, L48 Energy is an independent pure-play battery energy storage (BESS) “originator to operator” that aims to develop grid-scale batteries in the UK, with a view to potentially expanding into other European markets.
CCI’s global head of principal investments Arie Pilo said: “The UK is a strategic market for us, and we are pleased to partner with L48 Energy. We look forward to working closely to develop the company into one of the largest storage platforms in the UK.”
Hugh Mainwaring, CEO of L48 Energy added: “We are delighted to have secured CCI’s investment, which represents considerable validation of the hard work my colleagues have delivered upon to date. We now look forward to focusing on the next stage of growth and we will look to continue attracting the best talent to help capitalise on our momentum.”