Greenbacker Labs, a Missouri-based private equity firm and business incubator, has acquired stake in Exergy Energy, a 100% renewable energy company.
Greenbacker Labs did not disclose the terms of the stake acquisition. Formed last year, Exergy Energy offers backup generation and improved reliability of electricity for its commercial and technology business customers. The company claims to be supplying power at costs lower than the ones being supplied by other energy providers.
Greenbacker Labs business development director Ely Greenberg said: “we invested in Exergy due to its unique approach to microgrids, highly talented team, and strong value proposition.
“We believe that we can help accelerate Exergy’s planned expansion as we provide a combination of capital, strategic planning and introduction to project equity capital that can enable management to focus solely upon servicing its growing customer base.”
Exergy Energy touts of offering 100% renewable energy to meet its customers’ energy requirements. It provides on-site standby and backup generation to help eliminate costly interruptions.
So far, Exergy Energy has designed and operated over 600MW in solar and biomasss facilities. It also designs and builds turnkey microgrids.
Exergy Energy CEO David March said: “Exergy greatly appreciates Greenbacker Labs’ confidence in, and support of, Exergy’s 100% Renewable, Always-On Distributed Utility business model. With Greenbacker Labs’ support and capital investment, Exergy will accelerate its growth and bring its exclusive 100%-green utility services to more organizations seeking to reach their sustainability goals.”
Greenbacker Labs supports business development, financial structuring for startups offering sustainable infrastructure and renewable energy.
In February, Greenbacker Renewable Energy had acquired the 21.2MW portfolio of six distributed solar projects from Clearway Energy Group’s subsidiary. DG Solar Portfolio is located in California, New Jersey and Maryland, are expected to reach commercial operation between this June and next March. Clearway will oversee the projects’ delivery and will hand over the projects, once they are completed.
The solar portfolio includes 5.5MW in California, 2.7MW in New Jersey and 13MW in Maryland and consists of a mix of ground-mounted and rooftop systems. The projects are supported by 20 to 25 years of power purchase agreements.