GridBeyond Raises $55 Million in Series C Funding

Energy Storage developer Lightshift Energy (formerly Delorean Power), secured $100 million from Greenbacker Capital Management (GCM), a renewable energy asset manager.

Of the total funds secured, $20 million originated from a GCM-affiliated investment vehicle focused on equity investments in sustainable infrastructure development platforms. These funds will be used to expand Lightshift’s team, accelerate sales, and enhance its project pipeline.

Lightshift secured $80 million from a second GCM-affiliated investment vehicle specialized in sustainable infrastructure assets, further strengthening the company’s ability to construct and operate its portfolio.

These strategic investments follow an initial $20 million equity investment in Lightshift Energy back in 2021 through the Greenbacker Development Opportunities Fund I, LP. The recent capital infusions coincide with Lightshift Energy’s rebranding initiative, signaling a new phase of growth for the company.

“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,” said Rory Jones, Managing Partner, and co-founder of Lightshift. “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.”

According to Mercom’s Annual and Q4 2023 Funding and M&A Report for Storage & Smart Grid, Venture capital (VC/PE) funding in Energy Storage in 2023 was the highest ever recorded, increasing 59% year-over-year (YoY), with $9.2 billion in 86 deals compared to the $5.8 billion raised in 96 deals in 2022.

Earlier this year, Cactos, a developer of energy storage systems, has secured over €26 million (~$28 million) in equity funding from OP Finland Infrastructure and the Finnish Climate Fund. Cactos Fleet Finland LP aims to secure around €70 million (~$75 million) in equity and debt financing.