Fengate Asset Management, on behalf of Labourers’ Pension Fund of Central and Eastern Canada (LiUNA), has provided follow-on financing to NRStor C&I, a Toronto-based developer of behind-the-meter energy storage solutions.
Terms weren’t disclosed for the deal, which saw Fengate and Lake Bridge Capital also invest.
NRStor C&I, an affiliate of NRStor Inc, serves energy consumers in the commercial and industrial segments. It will use the proceeds to strengthen its presence in the Canadian market.
Two years ago, LiUNA agreed to supply NRStor with $11 million in financing as well as access to $200 million in additional capital. Fengate is managing the investment.
Fengate closes new round of funding into energy storage developer NRStor C&I
Fengate Asset Management (“Fengate”) is pleased to announce, on behalf of Labourers’ Pension Fund of Central and Eastern Canada (“LiUNA”), the closing of a new round of funding into NRStor C&I, a developer of behind-the-meter energy storage solutions for customers in the commercial and industrial segment. Fengate and co-investor, Lake Bridge Capital, partnered to provide further support as NRStor C&I continues to strengthen its presence in the Canadian energy storage space.
NRStor C&I installs and operates batteries, with no upfront capital expenditure by the customer, allowing companies to reduce their annual energy costs using emissions-free technology. In addition to its existing projects, NRStor C&I has developed a strong pipeline of contracted projects in Canada.
“We are excited to support the NRStor C&I team, as it continues to provide innovative energy solutions to commercial and industrial energy consumers in Canada. NRStor C&I presents a compelling value proposition to clients, to significantly reduce their annual energy costs without an initial capital outlay,” explained Justin Catalano, Managing Director and Head of Private Equity at Fengate.
“LiUNA is proud to continue its ongoing partnership with NRStor C&I and sees immense opportunity in financing energy storage infrastructure. We believe energy storage is a key enabler of our future energy system and welcome the opportunity to invest capital into low carbon assets on behalf of LiUNA’s pension fund,” said Joseph Mancinelli, LiUNA International Vice President and Regional Manager of Central and Eastern Canada. “NRStor C&I continues to develop an innovative model to finance, own and operate energy storage projects that aligns with the priorities of LiUNA, continuing to create economic, social and environmental value.”
The continued development and deployment of energy storage technology across Canada provides energy consumers with the ability to store energy from the grid and dispatch it as needed resulting in greater energy efficiency from a clean technology, and in turn significant cost savings to NRStor C&I clients.
“We are extremely grateful at NRStor C&I for the continuous support of our investors. The new round of investment allows NRStor C&I to accelerate its growth and deployment of behind-the-meter energy storage solutions at commercial, industrial, and institutional facilities,” said Moe Hajabed, President of NRStor C&I.
Fengate’s Private Equity strategy supports mid-market opportunities across North America by proactively targeting businesses, management teams and platforms that will benefit from growth capital and Fengate’s internal expertise. Fengate’s private equity investment platforms include Virgin Hotels Las Vegas, eStruxture Data Centers, and Ecotex Healthcare Linen Services.