Toronto-based energy storage firm acquired by Blackstone

energy storage project
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Private equity giant Blackstone has announced that funds managed by its Energy Partners division have completed the acquisition of Toronto-based battery storage company NRStor C&I.

NRStor currently has more than 200 MWh either in operation, under construction or under contract in the North American market. The company provides those energy storage solutions through a turn-key build, own and operate business model.

The terms of the transaction were not disclosed. Blackstone also owns Clarion Energy, which is the parent company of Power Engineering, POWERGRID, Renewable Energy World, DISTRIBUTECH and POWERGEN International.

“Battery storage will play an important role in the North American power grid and be critical to achieving ambitious renewable targets,” said Bilal Khan, senior managing director, Blackstone Energy Partners. “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.”

Among NRStor’s projects includes compressed air, flywheel and battery storage facilities in its native Ontario province. NRStor also has been involved in microgrid and Tesla Powerwall installations.

“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,” said Moe Hajabed, founder and chief executive of NRStor.

“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.”

Fengate Asset Management, LIUNA Pension Fund, Elliott and Susi Partners were the lead investors in NRStor prior to its sale to Blackstone Energy Partners.

Blackstone Energy Partners globally has invested in or committed $16bn in capital to a broad range of energy sectors, including conventional power generation, renewables and oil and gas.

In 2018, Wood Mackenzie forecast that the US energy storage market could grow to $4.5bn by 2023.

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