MGN currently has more than 250MWh of battery storage projects under construction. Credit: SER Capital Partners.
MicroGrid Networks (MGN) has secured investment from Palisade Infrastructure to install battery energy storage systems across New York City (NYC), US.
The investment, made in partnership with SER Capital Partners, will provide MGN with additional funding to advance current projects and pursue further growth in the region.
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At present, MGN has more than 250 megawatt-hours (MWh) of battery storage projects under construction and a larger pipeline of projects at sites under its control.
Under the terms of the transaction, Palisade will invest in both operational and construction-stage assets as well as take a stake in the platform company.
SER Capital Partners will maintain a majority ownership position and continue to participate alongside Palisade and the management team to support company development.
The companies have not disclosed financial details of the agreement.
MGN CEO Tim Dumbleton said: “With Palisade’s added strategic capital, MGN can further leverage its deep local market expertise to scale the buildout of battery energy storage for added reliability throughout NYC and adjacent markets.”
Established in 2018 and based in Brooklyn, MGN develops, owns and operates battery energy storage and electric vehicle charging systems within NYC.
The company manages an integrated platform covering project origination through to operations and asset management.
Palisade Americas head and partner Mike Reynolds said: “We are excited to support MGN at this pivotal stage of the company’s evolution and to partner with SER and the MGN management team.”
Alongside project development, MGN plans to consider acquisitions that complement its existing portfolio.
Guggenheim Securities acted as the sole financial advisor, while Jones Day provided legal counsel to MGN and SER. A&O Shearman acted as Palisade’s legal counsel.
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