Delorean Power announces investment from Greenbacker Capital

ARLINGTON, Va., Jan. 10, 2022 (GLOBE NEWSWIRE) -- Delorean Power LLC (“Delorean” or “the company”) announced today that Greenbacker Capital Management, LLC (“Greenbacker Capital” or “Greenbacker”), through an affiliated fund (the “Fund”), has made a strategic equity investment into the company. Delorean is a developer and owner-operator of standalone battery energy storage projects in the United States. Its projects are integral to the clean energy transition, helping the grid to better adapt to further increases in renewable energy. The growth investment from Greenbacker, a leader in sustainable infrastructure investment, will allow Delorean to further scale its platform while continuing to execute and expand on its existing pipeline of energy storage projects. In addition to the initial $20 million commitment from the Fund, Delorean is in the process of raising a significant amount of asset-level capital to further resource its pipeline.

Energy storage is a highly flexible resource that can benefit a wide variety of stakeholders, from large corporate customers looking to adopt 24/7 clean energy, to utility partners shifting energy to save money and avoid conventional infrastructure investments. Storage can also benefit community partners looking to enhance resilience for critical infrastructure and power system operators looking for grid stabilizing services and enhanced renewable energy integration. At its simplest, energy storage relieves stress on the power grid during peak times and enhances operational efficiency, translating to lower costs and more reliable electricity for everyone. With Greenbacker’s investment, Delorean is even more well placed to accelerate the build-out of energy storage and the numerous sustainability and cost benefits that come with its expansion.

“Greenbacker is excited to enter the standalone battery storage development market through our partnership with Delorean,” said Ben Baker, Managing Director and Principal of the Fund. “We spent a significant amount of time looking for the right battery storage partner, and we believe Delorean is well positioned for success over the next several years. The firm’s leadership has built a strong business and we look forward to growing from that solid foundation.”

Delorean is based in Virginia, where it was founded in 2019 by Michael Herbert and Rory Jones. The company’s focus is multi-use standalone energy storage applications that maximize benefits, delivered at scale. Delorean prioritizes both community and system impact, providing environmental and social benefits, new sources of tax revenue, lower electricity costs, improved grid resilience, and a smarter, cleaner, and more reliable grid. By working with local landowners, businesses, and municipalities, Delorean also helps drive economic development by finding creative uses for unused and idle properties. “Delorean’s advantage begins with the collaborative partnerships the company builds with its customers and their communities,” said board member Glen Davis. “Projects are then structured, designed and developed to meet each customer’s unique energy storage needs in a rapidly evolving marketplace.”

“Greenbacker and Delorean have a shared philosophy on sustainability, economic development, and community impact and a shared vision for the opportunity in our markets,” said Rory Jones. “We are excited to realize Delorean’s impact potential with the Greenbacker team as we expand our activities and portfolio.”

Greenbacker established the 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 such companies.

About Delorean Power
Delorean 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.

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.

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: