Greenbacker invests in energy storage startup
Startup Delorean Power LLC said that Greenbacker Capital Management made a $20 million strategic equity investment into the company.
Delorean is a developer and owner-operator of standalone battery energy storage projects up to 250 MW in size in the United States. In addition to the Greenbacker investment, Delorean said it is working to raise a “significant” amount of asset-level capital to support its project pipeline.
Delorean is based in Virginia, and was founded in 2019 by Michael Herbert and Rory Jones. The company’s focus is multi-use standalone energy storage applications.
Prior to Delorean, Herbert was the Energy Storage Policy Coordinator at the Federal Energy Regulatory Commission, where he oversaw energy storage policy development. He provided technical leadership for FERC Order No. 841, which facilitated the participation of energy storage resources in organized electricity markets.
Jones previously led utility-scale power project investments in emerging markets at the International Finance Corporation of the World Bank Group.
Greenbacker established a fund in 2020 to invest in companies focused on sustainable infrastructure development serving high-value markets across the United States. Since inception, the fund has made investments in several companies, most recently Delores.