Investment firm Blackstone has bought Toronto-based battery energy storage company NRStor C&I.
Blackstone managed funds have paid an undisclosed sum to acquire the company from Fengate Asset Management and Lake Bridge Capital II. Fengate managed its investment on behalf of the LiUNA Pension Fund of Central and Eastern Canada.
Blackstone said NRStor – which provides storage solutions to customers across North America – has over 200MWh of operational, in-construction and contracted projects in the battery storage market.
Bilal Khan, senior managing director, Blackstone Energy Partners, said: “Battery storage will play an important role in the North American power grid and be critical to achieving ambitious renewable targets.
“NRStor is a pioneer in energy storage and we look forward to helping the leadership team further build out the company’s platform to reach new markets and opportunities.”
Moe Hajabed, founder and CEO of NRStor, said: “We are extremely excited about the new partnership with Blackstone and the opportunity to further accelerate our growth and solidify our mission to provide end-users and utilities with innovative storage solutions.
“Blackstone brings both the scale and the deep understanding of the renewable power and utility markets that will help us significantly expand our platform and deliver reliable, clean energy to more communities across North America. We look forward to this new chapter of our growth.”