Excelsior Energy Capital ("Excelsior" or "the firm"), a leading renewable energy infrastructure investor, today (Dec 19) announced a multiyear, 7.5 GWh reservation agreement with LG Energy Solution Vertech, a global leader in energy storage system integration. Through the multiyear agreement, LG Energy Solution Vertech will provide Excelsior with a reliable supply of domestically manufactured, high-quality battery energy storage systems (BESS) to support its growing portfolio of standalone and hybrid energy storage projects across the United States.
Under the partnership, which begins in 2026, the battery systems will be manufactured at LG Energy Solution's advanced production facilities in the U.S., providing a more certain and secure supply chain for Excelsior's projects. These products will be complemented by LG Energy Solution Vertech's integration and lifecycle services.
This shared commitment provides Excelsior with enhanced protection from trade-related uncertainties and supply chain risk, offers price and availability assurances, and advances the company's commitment to fostering American clean energy jobs and manufacturing.
"Excelsior and LG Energy Solution Vertech share a common vision to build battery energy storage systems and projects that stand the test of time - both in the quality of manufacturing and operations of the systems and through our ongoing work in providing reliable and safe sources of on-demand power to the U.S. grid," said Anne Marie Denman, Co-Founder and Partner of Excelsior. "As one of LG Energy Solution Vertech's customers for its domestic supply of BESS, we have secured access to a reliable and diversified supply chain, steady pricing, and leading-edge technology. This allows us to continue to serve as a reliable partner to our project stakeholders, delivering project execution certainty by nearshoring the largest portion of the capital expenditure for our battery projects."
The batteries secured under the agreement will support Excelsior's ongoing clean energy development initiatives throughout the U.S., particularly in locations poised for load growth and increased demand for reliable clean energy. As utilities, corporations, and power generators turn to energy storage solutions to enhance grid reliability and transition to more sustainable power alternatives, Excelsior has prioritized aligning with top-tier partners capable of delivering advanced, scalable technologies to meet quickly evolving market needs.
"We are selective in choosing suppliers who meet our high standards for quality and reliability," said Chris Frantz, Partner at Excelsior Energy Capital. "Our partnerships with leading manufacturers and service providers help us not just build, but fully optimize projects throughout their lifecycle to meet rising clean energy demands, such as those being fueled by AI innovations and corporate zero-emission goals. With LG Energy Solution Vertech, we've secured a partner that shares our commitment to delivering clean energy innovation to align with growing needs."
"Excelsior is thoughtfully establishing projects in the U.S.," said Hyung Kim, Head of ESS Battery Division at LG Energy Solution. "We place great value in being a long-term partner to our customers, supporting projects throughout their lifecycles with services and software that enable success well beyond project commissioning. We look forward to seeing the projects under this agreement make meaningful, lasting impacts on the energy grid."
This agreement concludes a landmark year for Excelsior. In July, the company announced it had entered into an agreement with Fluence Energy Inc. to develop 2.2 GWh of battery energy storage system infrastructure in strategic markets across the United States. In March, the firm completed the sale of a portfolio of 38 solar energy and solar plus storage projects from its Fund I portfolio to BlackRock's Evergreen Infrastructure Partners Fund. Excelsior then announced the launch of Lydian Energy, a portfolio company developing a pipeline of solar and battery storage projects across North America, in April. Later that month, Excelsior announced a 2 GW agreement with Heliene Inc. to use domestically produced photovoltaic modules for its solar energy infrastructure projects, furthering its commitment to U.S.-manufactured clean energy technology.
About Excelsior Energy Capital
Excelsior Energy Capital is a renewable energy infrastructure fund focused on middle-market investments in wind, solar and battery storage plants, and businesses across North America. The highly specialized team brings over 100 years of combined experience and a comprehensive set of strategic, financial, legal and operational expertise; making Excelsior Energy Capital a valuable partner for developers and operators, and a trusted manager for investors. Based in Minneapolis, Minnesota, the firm was founded in 2017 with two active funds totaling over $1.5 billion of equity capital. For more information, visit http://www.excelsiorcapital.com.
About LG Energy Solution Vertech
LG Energy Solution Vertech is an energy storage systems integrator backed by LG Energy Solution. The company delivers integrated, reliable, and bankable grid-scale energy storage systems supported by in-house services and software.
In 2022, LG Energy Solution purchased NEC Energy Solutions and established LG Energy Solution Vertech Inc. By vertically integrating the battery manufacturer and integrator, LG Energy Solution Vertech offers customers a uniquely streamlined experience and comprehensive support through a system-level contracting process. Via a single contract, the company provides systems, warranties, services, and software. The combination of excellence in technology coupled with nearly two decades of energy storage integration makes LG Energy Solution Vertech a leader in the global energy storage market.
Disclosure: This material does not constitute an offer to sell or the solicitation of an offer to buy any securities. Securities managed by Excelsior Energy Capital (the "Firm") are offered to select investors only by means of a complete offering memorandum and related subscription materials which contain significant additional information about the terms of an investment in the Fund (such documents, the "Offering Documents"). Any reproduction or other distribution of this material in whole or in part without the prior written consent of the Firm is prohibited. Opinions, estimates, and projections in this announcement constitute the current judgment of the Firm and are subject to change without notice.
Contacts
For media inquiries, please contact:
For Excelsior Energy Capital: Excelsior@backbaycommunications.com
For LG Energy Solution Vertech: lsheridan@lgensol-vt.com
