Storage developer Lightshift Energy raises $100m from Greenbacker Capital

April 4, 2024

US-headquartered utility-scale energy storage development company Lightshift Energy, formerly known as Delorean Power, has raised capital totalling $100 million from Greenbacker Capital Management (GCM).

The capital includes $20 million from a GCM-affiliated investment vehicle dedicated to making growth equity investments in sustainable infrastructure development platforms. These funds will be used to scale Lightshift’s team, accelerate sales, and grow its pipeline. In addition, Lightshift has secured $80M from a second GCM-affiliated investment vehicle that invests in sustainable infrastructure assets. This capital will support the construction and operations of Lightshift’s portfolio.

“Greenbacker’s expanded partnership with Lightshift Energy reaffirms our company’s commitment to expediting the integration of sustainable energy across the United States,” said Benjamin Baker, head of Greenbacker’s growth equity strategy. “Lightshift is uniquely positioned to assist utilities in optimizing battery storage for their systems, meeting growing demand for grid resiliency, and integrating an increasingly complex power system with energy storage solutions.”

Rory Jones, Managing Partner, and co-founder of Lightshift, added: ““Rapidly increasing electricity demand and the growing appetite for renewable energy are straining our legacy energy infrastructure and creating major supply, cost and reliability challenges across the country. Our storage projects are purpose-built to address these challenges, helping our utility partners achieve major cost reductions while paving the way for reliable and sustainable growth.”