DURHAM – Durham’s FlexGen Power Systems, Inc. announced a $150 million equity commitment from investors, the company announced in a statement today.
The deal is the largest yet in the sector, according to a spokesperson for the company. “I haven’t seen larger,” the spokesperson told WRAL TechWire, noting the deal “demonstrates the bankability of FlexGen’s leading integration and software technology.”
FlexGen, founded in 2009, describes itself on its website as the second-largest energy storage company. The company brought in a new CEO, Kelcy Pegler, Jr., earlier this year.
The energy storage industry is a multibillion dollar market, and the company anticipates that energy storage will be a critical component of any transition to clean energy systems, it noted in a statement.
“We are well-positioned at the most critical intersection of the clean energy transition—energy storage,” said Pegler in a statement. “We have spent the past decade building the most advanced integration solutions in the market—and now that market is ready to take-off.”
The $150 million equity commitment comes from funds that are managed by affiliates of Apollo Global Management, Inc., made in partnership with the company’s existing investors, Altira Group, and the founding investment group led by Jerry Miller and Mark Dreyfus, the statement noted.
“We see tremendous opportunities for growth and technological innovation in the energy storage sector as the grid relies increasingly on renewable energy,” said Trevor Mills, partner at Apollo, in a statement.