FlexGen Power Systems, an energy storage solutions and software technology provider, secured a $75 million revolving credit facility. J.P. Morgan acted as the lead arranger and administrative agent for the funding, along with commitments from Banco Santander, BNP Paribas, and First National Bank of Pennsylvania.
According to the company, this funding will provide essential financial flexibility to expand its operations, strengthen its technology offerings, and meet the increasing demand for energy storage solutions globally.
“The rapid expansion of AI and cloud computing is driving unprecedented growth in data center power demands. This trend, combined with the broader energy transition, makes reliable and intelligent energy storage solutions more critical than ever for maintaining grid stability. This facility represents a significant milestone for FlexGen as we continue to lead the way in enabling the modern grid,” said Kelcy Pegler, Chief Executive Officer of FlexGen.
The company says its proprietary energy management software platform, HybridOS, has deployed over eight gigawatt-hours of energy storage capacity, providing operational performance and grid integration capabilities.
In 2022, the FlexGen closed a $100 million funding round. Vitol, an energy trading company, provided the funding in partnership with existing investors to help execute its project pipelines.
According to Mercom’s Annual and Q4 2024 Funding and M&A Report for Energy Storage and Smart Grid announced debt and public market financing for Energy Storage companies in 2024 increased 65% year-over-year, with $16.2 billion in 32 deals compared to $9.8 billion in 34 deals in 2023.
In October, Peregrine Energy, an integrated clean energy platform focused on utility-scale energy storage solutions, secured a credit facility from insurance accounts managed by KKR that can provide financing for up to $250 million. Sumitomo Mitsui Banking Corporation also participated in the funding.
