Peregrine Energy Solutions, a leading developer and operator of utility-scale battery storage systems, has raised $130 million in new capital from a global consortium of investors, including the Ministry of Environment of South Korea, IMM Investment, Woori Private Equity Asset Management, and funds managed by AB CarVal.
The investment will advance the company’s pipeline of advanced battery storage projects across the United States and strengthen its position as a key player in the nation’s transition to a cleaner, more resilient power grid. And this funding will enable Peregrine to expand its battery storage technology development and deployment, playing a vital role in stabilizing and modernizing the U.S. grid amid increasing electricity demand.
As renewable energy generation continues to grow, large-scale battery systems are becoming essential to ensuring reliability and flexibility across the energy network. Peregrine’s projects aim to enhance grid resilience by enabling more efficient power storage and distribution, helping utilities balance supply and demand in real time.
This latest funding represents a significant step in advancing the energy partnership between South Korea and the United States. The Ministry of Environment of South Korea emphasized the shared commitment between the two countries to develop sustainable energy infrastructure and reduce carbon emissions. The ministry also highlighted Peregrine’s strong management team, innovative technology, and proven ability to execute as reasons for its participation in the investment consortium.
The collaboration also reflects growing global investor confidence in Peregrine’s strategy and technical leadership in the energy storage market. IMM Investment and Woori Private Equity Asset Management both praised the company’s execution capabilities and its ability to deliver high-performance energy projects that align with global sustainability goals. AB CarVal, a long-term partner of Peregrine, reaffirmed its support through this new round, noting the continued strength of Peregrine’s development pipeline and expertise in bringing high-quality storage solutions to market.
Peregrine currently maintains a growing portfolio of battery storage projects, including two key installations in the ERCOT market expected to come online between late 2025 and early 2026. With this additional capital, the company plans further to expand its footprint in strategic U.S. energy markets, contributing to the development of a cleaner, more reliable power infrastructure.
Founded in 2022, Peregrine Energy Solutions was created through a partnership between Peregrine Energy Management and a global alternative investment manager with approximately $20 billion in assets. Based in Boulder, Colorado, Peregrine focuses on utility-scale energy storage and grid modernization projects designed to support the nation’s evolving energy landscape.
KEY QUOTES:
“We are incredibly grateful for the support of our investors, who share our vision for a stronger and more reliable energy future. This new capital will be instrumental in allowing us to scale our efforts, bring more projects online, and strengthen grid stability to meet growing U.S. power needs.”
Hagen Lee, CEO, Peregrine Energy Solutions
“South Korea views the United States as a critical partner in strengthening energy infrastructure necessary for the energy transition. This investment reflects our shared commitment to ensuring reliable, affordable power and building a resilient and sustainable energy system. We are confident these projects will play a key role in supporting U.S. power needs and enhancing grid stability for the future.”
“The Korea-U.S. alliance, which spans over a hundred years, continues to make the U.S. a preferred destination for strategic investment. This enduring relationship provides the long-term vision needed for transformative energy projects.”
Jongseo An, Deputy Director, Ministry of Environment of South Korea
“The best management team, best quality assets in the category created based on intense fundamental analysis, and strong focus on execution made Peregrine a singular opportunity that rose above all other platforms.”
Ministry of Environment of South Korea
“We believe Peregrine is at the forefront of the energy storage market. Their proven expertise in developing and operating high-impact projects gives us great confidence in their ability to deliver essential grid services and meet the urgent need for a modernized grid. We are excited to extend our partnership with them as they continue to expand their footprint.”
Kustin Lee, Chief Investment Officer of Overseas Business, IMM Investment
“We are delighted to invest in Peregrine, a top-tier ESS developer leading energy transition in the U.S. We see tremendous growth potential in Peregrine within the U.S. energy storage market and are excited to be part of this journey alongside an industry leader.”
Shinkook Kang, CEO, Woori Private Equity Asset Management
“AB CarVal has had a multi-year relationship with Peregrine to accelerate its pipeline of high-quality storage and energy projects. As the energy transition charges forward, we continue to value Peregrine’s industry relationships and expertise to deliver in high-demand markets.”
Xiaoyu Gu, Managing Director, AB CarVal
