Lightshift Energy: Utility-Scale Energy Storage Development Company Raises $100 Million

By Amit Chowdhry • Mar 29, 2024

Lightshift Energy (formerly Delorean Power) announced a $100 million capital infusion from Greenbacker Capital Management. The company secured $20 million from a GCM-affiliated investment vehicle focused on making growth equity investments in sustainable infrastructure development platforms.  These funds will scale Lightshift’s team, accelerate sales, and grow the pipeline.

Plus, Lightshift has secured $80 million from a second GCM-affiliated investment vehicle that invests in sustainable infrastructure assets. This funding will support the construction and operations of Lightshift’s portfolio.

These commitments build on Greenbacker’s initial strategic equity investment in the company in 2021—a $20 million investment from Greenbacker Development Opportunities Fund I, LP. These recent investments follow Lightshift Energy’s recent rebrand from Delorean Power. They are earmarked for supporting the company’s operational capacity and expanding projects to meet the burgeoning demand for integrated grid solutions.

Launched in 2019 by energy transition veterans Michael Herbert and Rory Jones, Lightshift experienced unprecedented growth and is now among the most trusted innovative energy storage solutions providers. And since Greenbacker’s previous financial commitment, Lightshift has added an extraordinary bench of talent and significantly expanded its pipeline. The recent investments will help Lightshift meet the fast-growing demand for its projects across public power, investor-owned utilities, and large corporate consumers in the U.S.

With 20+ battery projects under contract to date and a pipeline exceeding 4,000 MW, Lightshift is leading America’s integrated grid energy transition. The company’s 10.5 MW battery facility in Danville, Virginia, which has been operating since 2022, is expected to save the city more than $40 million. This will significantly boost local ratepayers while supporting broader grid reliability. Lightshift is replicating this level of impact across its geographically diverse pipeline.


“Greenbacker’s expanded partnership with Lightshift Energy reaffirms our company’s commitment to expediting the integration of sustainable energy across the United States. Lightshift is uniquely positioned to assist utilities in optimizing battery storage for their systems, meeting growing demand for grid resiliency, and integrating an increasingly complex power system with energy storage solutions.”

– Benjamin Baker, Head of Greenbacker’s growth equity strategy

“Utility-scale grid storage is revolutionizing electricity management, and Lightshift’s battery solutions provide both energy reliability and cost stability. As rural and urban utilities continue to seek cost-efficient, sustainable options that increase their communities’ energy resilience, Lightshift is a proven partner to meet those needs.”

– Dan De Boer, Head of Infrastructure for Greenbacker’s sustainable infrastructure strategy

“Rapidly increasing electricity demand and the growing appetite for renewable energy are straining our legacy energy infrastructure and creating major supply, cost and reliability challenges across the country. Our storage projects are purpose-built to address these challenges, helping our utility partners achieve major cost reductions while paving the way for reliable and sustainable growth. Our unique approach to storage development and operations considers the full landscape of technical and economic challenges confronted by our partners and uses the flexibility of batteries for maximum impact.”

– Rory Jones, Managing Partner, and co-founder of Lightshift