US renewable energy infrastructure investor Excelsior Energy Capital has entered into a multiyear agreement to procure battery technology from energy storage provider Fluence Energy Inc for a pipeline of 2.2 GWh of battery energy storage system (BESS) projects across the US.
Under the agreement, Excelsior will utilize battery cells primarily manufactured in Tennessee, along with Fluence modules produced in Utah, for projects set to launch in 2025. “The agreement also demonstrates our focused efforts to bring our supply chain for clean critical infrastructure closer to home, both derisking our investments and enhancing local economies,” said Excelsior's co-founder and partner Anne Marie Denman.
Fluence Energy Secures $400 Million Loan to Advance Global Growth Plans
Fluence, formed by AES and Siemens in 2018, plans to start battery module production at its Utah manufacturing facility this summer.
Founded in 2017, Excelsior invests in wind, solar, and battery storage plants and manages two active funds with over USD 1 billion in equity capital. Earlier this year, the Minneapolis-based firm entered into a multi-year supply agreement to procure 2 GW of solar photovoltaic panels from Canadian manufacturer Heliene Inc.
Excelsior Energy Capital Secures $1.3 Billion Financing for Faraday Solar Project in Utah
