- Funds that are managed by Blackstone Energy Partners have paid an undisclosed amount for acquisition
- NRStor has been known to be a market leader within its home territory based in Ontario, Canada
Blackstone, a leading advisory and investment firm, recently announced that it has acquired NRStor C&I L.P., a developer of battery storage solution based in Toronto, in a move that targets deployment opportunities for storage in North America. Funds managed by Blackstone Energy Partners have paid an undisclosed amount for the acquisition.
For the record, Blackstone private equity has reportedly invested about $16 billion of equity worldwide in a wide range of sectors in the energy industry.
Apparently, NRStor has more than 200 MWh of in-construction, contracted and operational projects within the fast-growing battery storage market. It essentially offers storage solutions to the customers in North America with the help of a turn-key build and operate business model.
NRStor has been known to be a market leader within its home industry based in Ontario, Canada, and has also extended its footprint in the United States through its scalable platform that can adapt to newer market opportunities and constructs.
Blackstone Energy Partners’ Senior Managing Director, Bilal Khan commented that battery storage will be playing a crucial part in the power grid in North America and shall be important to secure its ambitious renewable targets. NRStor is the frontrunner of energy storage and the company will be looking forward to aiding the leadership team in expanding the platform of the company to reach out to newer opportunities and markets.
CEO and Founder of NRStor, Moe Hajabed said that the company is looking forwards to forming a new partnership with Blackstone as the opportunity to accelerate the company’s growth will also cement its mission to offer the end-users and other utilities with innovative storage solutions.
Hajabed further added that Blackstone has both the scale and a deep understanding of the utility and renewable power markets that will be helping NRStor to expand its platform significantly and deliver clean and reliable energy across more communities in North America.
Source Credit- https://www.blackstone.com/the-firm/press-releases/article/blackstone-acquires-battery-energy-storage-pioneer-nrstor-c-i