GridStor, a developer and operator of utility-scale battery energy storage systems, closed a $50 million letter of credit with NORD/LB in support of its development goals.
“We are proud to continue our partnership with NORD/LB as we develop battery energy storage projects across North America,” Chris Taylor, CEO of GridStor, said. “We appreciate their commitment, which enables us to unlock the capital we need to accelerate projects to meet the urgent needs of utility and data center customers.”
“NORD/LB is pleased to continue our work with GridStor through leading the financing of a development LC facility,” Sondra Martinez, head of project finance-origination at NORD/LB, said. “We are excited to support GridStor’s growth as they continue to develop their pipeline of battery storage projects, bringing greater energy reliability to markets with high energy demand.”
“We have taken proactive steps to ensure tax credit eligibility for our project pipeline, and we anticipate more later-stage project acquisitions to provide cost-effective solutions to utility and data center customers,” Frank Burkhartsmeyer, chief financial officer of GridStor, said. “Partnering with NORD/LB increases our agility to execute rapidly when we see new opportunities that align with our strategic goals.”
