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LG Energy Solution Vertech will supply Excelsior with high-quality BESS for its growing energy storage projects in the US.
Renewable energy infrastructure fund firm Excelsior Energy Capital has entered a multi-year 7.5 gigawatt hours (GWh) reservation agreement with LG Energy Solution Vertech to support the expansion of its portfolio of clean energy projects in the US.
The agreement will ensure a steady supply of high-quality battery energy storage systems (BESS) from LG Energy Solution Vertech for Excelsior’s standalone and hybrid energy storage projects across the US.
From 2026, the batteries will be produced at LG Energy Solution Vertech’s advanced US facilities, enhancing supply chain security for Excelsior’s projects.
The partnership with LG Energy Solution Vertech will include the provision of integration and lifecycle services, reinforcing Excelsior’s strategy to mitigate trade-related risks and supply chain vulnerabilities.
Excelsior co-founder and partner Anne Marie Denman stated: “Excelsior and LG Energy Solution Vertech share a common vision to build battery energy storage systems and projects that stand the test of time – both in the quality of manufacturing and operations of the systems and through our ongoing work in providing reliable and safe sources of on-demand power to the US grid.
“As one of LG Energy Solution Vertech’s customers for its domestic supply of BESS, we have secured access to a reliable and diversified supply chain, steady pricing and leading edge technology. This allows us to continue to serve as a reliable partner to our project stakeholders, delivering project execution certainty by nearshoring the largest portion of the capital expenditure for our battery projects.”
The batteries will be pivotal in supporting Excelsior’s clean energy initiatives, especially in areas anticipating load growth and a heightened demand for reliable clean energy.
Excelsior Energy Capital partner Chris Frantz stated: “Our partnerships with leading manufacturers and service providers help us not just build, but fully optimise projects throughout their lifecycle to meet rising clean energy demands, such as those being fueled by AI innovations and corporate zero-emission goals. With LG Energy Solution Vertech, we’ve secured a partner that shares our commitment to delivering clean energy innovation to align with growing needs.”
These collaborations are crucial for delivering advanced, scaleable technologies to meet the rapidly changing demands of the market.
In July 2024, Excelsior announced a collaboration with Fluence Energy to develop 2.2GWh of battery energy storage system infrastructure in key US markets.
In March 2024, the firm completed the divestment of a 38-project solar and storage portfolio to BlackRock’s Evergreen Infrastructure Partners Fund.
April saw the launch of Lydian Energy, a company focused on developing solar and battery storage projects across North America. That same month, a 2GW agreement with Heliene was confirmed, committing to the use of US-made photovoltaic modules for Excelsior’s solar energy infrastructure projects. |
