March 4, 2020
Blackstone Acquires Battery Energy Storage Pioneer, NRStor C&I
Article from Business Wire
NEW YORK–(BUSINESS WIRE)–Blackstone (NYSE:BX) announced today that funds managed by Blackstone Energy Partners have completed the acquisition of NRStor C&I L.P. (“NRStor”). NRStor is a Toronto-based developer of battery storage solutions, targeting scale storage deployment opportunities in North America. Terms of the transaction were not disclosed.
NRStor has over 200 MWh of operational, in-construction and contracted projects in the rapidly growing battery storage market. The company provides storage solutions to customers across North America through a turn-key build, own and operate business model. NRStor is a market leader in its home market of Ontario, Canada, and has expanded into the United States by leveraging its scalable platform built to adapt to new market constructs and opportunities.
“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.”