Climate Finance | August 26, 2021

Apollo backs FlexGen with $150 million to expand grid energy storage

Dennis Price
ImpactAlpha Editor

Dennis Price

ImpactAlpha, Aug. 26 – Energy storage helps address the challenges of intermittency and reliability created by the growth of renewable power generation.

The Durham, N.C. company’s hardware and software “shifts renewable power consumption to times when it is needed most,” says Apollo’s Olivia Wassenaar. FlexGen over the last decade has supported deployments of more than 1.2 GWh of energy storage for utility, microgrid, and commercial and industrial customers.

  • Apollo’s clean energy transition. Apollo Global Management is making the $150 million commitment alongside existing investors Altira Group, Caterpillar Ventures, and GE Ventures, and a founding investment group led by Jerry Miller and Mark Dreyfus. Apollo has also invested in offshore wind developer US Wind, electric-driven gas compression company TOPS and sustainable bioenergy producer AS Graanul Invest.