.jpg)
1 hour ago
1
Article content
(Bloomberg) — Private equity firm NGP Energy Capital Management is backing a new US energy-storage developer with $200 million as data centers spur record power demand growth.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Liminal Energy LLC, formed late last year by longtime storage developers, plans to use the funds from NGP to focus on building utility-scale batteries of various sizes and investment structures, Ken-Ichi Hino, co-founder and president, said in an interview.
Article content
Article content
NGP had searched extensively for three years to find the right storage team to back, Sam Stoutner, co-head of energy transition, said in a statement. The firm, which has extensive investments in oil and gas, has increasingly backed companies in the power sector.
Article content
Article content
Hino and Mark Saunders, who both led the energy storage group at UBS Asset Management, launched Liminal as a way to address reliability issues as America’s grids come under increasing stress. Aging infrastructure, extreme weather and the demand for electricity to run artificial intelligence are raising the risk of power price spikes and outages.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
“We’re hearing about affordability related to electricity a lot more now. It was reliability maybe a year or two ago,” Hino said. “But they’re kind of the same thing in many ways.”
Article content
Batteries can help keep grids stable and limit price swings by soaking up excess power from wind, solar or nuclear to sell back to the grid when demand is high, or to ease bottlenecks. Liminal plans mainly to build free-standing batteries but will consider hybrid facilities, such as storage alongside renewables and natural gas generation.
Article content
Demand growth driven by data centers represent “real tailwinds,” including using storage to help curtail the facilities’ demand during times of grid stress or speed up their ability to connect to the system, Hino said.
Article content
Article content
Article content
English (US)