\n\t\t\t\t\t\t\tFind out more <\/a><\/p>\nAt 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.<\/p>\n
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.<\/p>\n
SER Capital Partners will maintain a majority ownership position and continue to participate alongside Palisade and the management team to support company development.<\/p>\n
The companies have not disclosed financial details of the agreement.<\/p>\n
MGN CEO Tim Dumbleton said: \u201cWith Palisade\u2019s 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.\u201d<\/p>\n
Established in 2018 and based in Brooklyn, MGN develops, owns and operates battery energy storage and electric vehicle charging systems within NYC.<\/p>\n
The company manages an integrated platform covering project origination through to operations and asset management.<\/p>\n
Palisade Americas head and partner Mike Reynolds said: \u201cWe are excited to support MGN at this pivotal stage of the company\u2019s evolution and to partner with SER and the MGN management team.\u201d<\/p>\n
Alongside project development, MGN plans to consider acquisitions that complement its existing portfolio.<\/p>\n
Guggenheim Securities acted as the sole financial advisor, while Jones Day provided legal counsel to MGN and SER. A&O Shearman acted as Palisade\u2019s legal counsel.<\/p>\n
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