A Locke Lord team led by
Mike Malfettone (New York) and
Mike Serra (Providence) represented Greenbacker Capital Management, LLC, through an affiliated fund, in its strategic investment in Swell Energy, a California-based residential energy storage developer and aggregator. The $120 million capital raise was led by SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund I, LP, with participation from Ares Management Infrastructure Opportunities Fund and other investors. The funding will accelerate the deployment of an additional 200 MWh of energy storage systems in homes and businesses and further expand Swell’s virtual power plant program, which helps reduce utilities’ use of peaker plants and provides other grid services through the integration of solar, energy storage and EV charging with utilities. For more information, see the
press release. Additional assistance was also provided by
Buddy Sanders,
Andrew Nelson (both of Houston),
Jeff Jefferson,
Gene McDermott (both of Providence),
Rusty Perdew (Chicago) and
Shane Early (Boston).
Posted on November 28, 2022