Monday, July 22, 2024
HomeFunding Virginia-based Lightshift Energy Secures $100Million in Funding

[Funding alert] Virginia-based Lightshift Energy Secures $100Million in Funding

Lightshift Energy formerly known as Delorean Power secures $100million in funding. The company has secured $20M from a GCM-affiliated investment vehicle dedicated to making growth equity investments in sustainable infrastructure development platforms.

Lightshift Energy formerly known as Delorean Power secures $100million in funding Greenbacker Capital Management. The company has secured $20M from a GCM-affiliated investment vehicle dedicated to making growth equity investments in sustainable infrastructure development platforms.

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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.

Benjamin Baker, Head of Greenbacker’s growth equity strategy said, “Greenbacker’s expanded partnership with Lightshift Energy reaffirms our company’s commitment to expediting the integration of sustainable energy across the United States, 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.”

These commitments build upon Greenbacker’s initial strategic equity investment in the company in 2021—a $20M investment from Greenbacker Development Opportunities Fund I, LP.

These recent investments come on the heels of Lightshift Energy’s recent rebrand from Delorean Power, and are earmarked for bolstering the company’s operational capacity and expanding projects to meet the burgeoning demand for integrated grid solutions.

Dan De Boer, Head of Infrastructure for Greenbacker’s sustainable infrastructure strategy said, “Utility-scale grid storage is revolutionizing electricity management, and Lightshift’s battery solutions provide both energy reliability and cost stability, As rural and urban utilities continue to seek cost-efficient, sustainable options that increase their communities’ energy resilience, Lightshift is a proven partner to meet those needs.”

Founded in 2019 by energy transition veterans Michael Herbert and Rory Jones, Lightshift has experienced unprecedented growth and is now among the most trusted providers of innovative energy storage solutions.

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Since Greenbacker’s previous financial commitment, Lightshift has added an extraordinary bench of talent and significantly expanded its pipeline. The recent investments will help Lightshift meet the fast-growing demand for its projects across public power, investor-owned utilities and large corporate consumers in the U.S.

Rory Jones, Managing Partner, and co-founder of Lightshift said, “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, Our unique approach to storage development and operations considers the full landscape of technical and economic challenges confronted by our partners and uses the flexibility of batteries for maximum impact.”

About Lightshift Energy

Lightshift Energy, formerly Delorean Power, is a utility-scale energy storage development company with headquarters in Arlington, Virginia. Founded in 2019 and backed by funds managed by Greenbacker Capital Management, Lightshift is developing a diverse pipeline of energy storage projects, ranging in size up to 250 MW across the US.

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