Blackstone acquires battery storage solutions developer NRStor
Blackstone said that funds managed by Blackstone Energy Partners have acquired NRStor C&I, a Toronto-based battery storage solutions developer for an undisclosed price.
NRStor, which targets scale storage deployment opportunities across North America, has more than 200 MWh of operational, in-construction and contracted projects in the fast-growing 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.”
Through a turn-key build, own and operate business model, the Canadian company offers storage solutions to customers in North America. Said to be a market leader in Ontario, NRStor has expanded into the US by making use of its scalable platform built to adapt to new market constructs and scope.
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.”