Greenbacker announces further investment in Delorean Power’s energy storage platform
The ongoing collaboration accelerates Delorean Power’s national battery deployment pipeline
New York, NY, December 1, 2022 -- Delorean Power LLC (“Delorean”), a utility-scale, standalone energy storage development company and Greenbacker Capital Management (“GCM”), a leading climate-focused investment manager, announced today that through an affiliated investment vehicle GCM has committed $80 million to capitalize the construction and operations of Delorean’s near-term battery storage pipeline.
The formation of this asset-level partnership follows a $20 million corporate investment in early 2022 from Greenbacker Development Opportunities Fund I (“GDEV” and, together with GCM, “Greenbacker”) reaffirming Greenbacker’s view that Delorean is well positioned for continued success in the energy storage market. This latest transaction will allow Delorean to accelerate the buildout of its existing fleet, while executing and expanding its pipeline across the Northeast, mid-Atlantic, and Midwest.
Delorean’s energy storage projects are critical to achieving the country’s decarbonization goals and preparing the grid for increasing supply of intermittent renewable energy generation—two areas that the recent Inflation Reduction Act made clear are priorities for the world’s largest economy.
Battery storage can help the grid maintain generation-load balance and prevent frequency fluctuations, while providing communities with enhanced resilience for critical power infrastructure. By storing energy during periods of low demand and discharging it during peak demand times, these projects also help lower electric bills for consumers.
“We’re very pleased to build on Greenbacker’s partnership with Delorean, a company whose long-term commitment to its projects and communities is very much in line with Greenbacker’s mission,” said Mehul Mehta, Chief Investment Officer of GCM. “Delorean’s leadership continues to identify successful development opportunities in the energy storage segment, and we look forward to helping Delorean advance its pipeline through construction and operations.”
In addition to the increased grid reliability and cheaper clean energy that Delorean provides, the company helps drive economic development by utilizing unused and idle properties. Its projects can also provide a source of long-term revenue for the communities in which they’re located. Delorean leases sites from local landowners, municipalities, and co-ops for its projects, which can also generate additional tax revenue for municipalities for the decades the projects are in operation.
“Delorean prides itself on building long-term partnerships with its customers and their communities,” said Delorean co-founder Michael Herbert. “We are very excited to deepen our partnership with Greenbacker so that we can scale the deployment of our pipeline and further strengthen our operational capabilities.”
Delorean was founded in 2019 by managing partners Michael Herbert and Rory Jones. The co-founders brought over two decades of experience developing and financing energy storage projects to the company, which today has several GWhs of pipeline under development.
“This transaction marks another exciting chapter in the growth of our company,” said Delorean co-founder Rory Jones. “We’re excited to further build on our relationship with Greenbacker with this most recent investment that will help expand our position in key markets, establish a highly visible operational portfolio in new geographies across the country, and strengthen our technical and operational synergies.”
Greenbacker’s fleet of clean energy projects comprises nearly 2.9 GW of generating capacity (including this portfolio and other assets that are to be constructed). Since June 2016, Greenbacker’s real assets have produced over 4.9 million megawatt-hours1 of clean energy, abating more than 3.5 million metric tons of carbon.2 Today these projects support over 5,200 green jobs.3
Greenbacker Capital Management established the Greenbacker Development Opportunities Fund I, LP in 2020 to invest in companies focused on clean energy project development.
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About Greenbacker Capital Management
Greenbacker Capital Management LLC is an SEC registered investment adviser that provides advisory and oversight services related to project development, acquisition, and operations in the renewable energy, energy efficiency, and sustainability industries. For more information, please visit www.greenbackercapital.com.
Greenbacker Development Opportunities Fund I, LP is a middle-market private equity fund that invests in growing sustainable infrastructure platforms serving high-value markets across the US. The fund is managed by Greenbacker Capital Management, LLC. For more information, please visit www.greenbackercapital.com.
About Delorean Power
Delorean Power is a utility-scale energy storage development company with headquarters in Arlington, Virginia. Founded in 2019, Delorean is developing a diverse pipeline of energy storage projects, ranging in size up to 250 MW across the US. Delorean possesses leading energy storage analytics, application design, finance, and development expertise and focuses on the development of energy storage projects that maximize value for utilities and other customers. For more information, please visit www.deloreanpower.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.
Media Contacts:
GreenbackerDeloreanChris LarsonRory JonesSenior Writer & Media CommunicationsManaging Partner/Co-Founder847.313.9035703.679.7609c.larson@greenbackercapital.cominfo@deloreanpower.com
1 Data is as of June 30, 2022.
2 EPA Greenhouse Gas Equivalencies Calculator. Data is as of June 30, 2022.
3 Green jobs are calculated from the International Renewable Energy Agency's measurement that one megawatt of renewable power supports 3.8 jobs. Data is as of June 30, 2022.