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Energy Vets Launch New Company To Develop Dispatchable Power Plants In Texas, Backed With $200M From Investment Firm
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Nightpeak Energy has announced its formation and equity funding of up to $200 million from Energy Spectrum Capital, a Dallas-based investment firm that invests across the energy infrastructure value chain.
Nightpeak's initial focus is on developing projects in the U.S. West and Texas, "where the rapid growth of intermittent renewable energy resources has created significant need for flexible, dispatchable generation assets," the Company said
In addition to energy storage, Nightpeak will, "develop and operate dispatchable power plants."
"Nightpeak Energy is active in markets where flexible generation, including energy storage and other clean generation resources, have proven fundamental market value and there is a near to medium-term need for flexible generators to augment the growth of renewables," the company said
"Our projects meet the challenges of the future grid and incorporate flexible technologies from lithium-ion batteries, to long-duration storage technologies, to hydrogen generators," the company said
The funding specifically comes from Energy Spectrum Partners Fund VIII ("Fund VIII"), Energy Spectrum's eighth fund with total capital commitments of nearly $1 billion.
"Nightpeak has also secured a letter of credit facility from a major US-based lender," Nightpeak said
"The equity funding and letter of credit facility will allow Nightpeak to execute on its strategy of developing, owning, and operating flexible generation resources, such as utility-scale batteries, across the US," Nightpeak said
Nightpeak brings together industry veterans Paris Hays, Michael Laubenthal, Lucas Möller and Benjamin Snieckus to develop a portfolio of resources, "aimed at addressing the growing capacity and reliability needs of a decarbonized grid." The founding partners worked together at Recurrent Energy, a North American utility-scale solar and energy storage developer, where they commercialized stand-alone battery storage plants and utility-scale hybrid solar + storage projects in the US.
Hays serves as Co-founder and CEO/CDO of Nightpeak Energy
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October 24, 2022
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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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