Bethesda, MD, January 13, 2022 – Hull Street Energy (HSE) has made a substantial capital commitment to SunGrid Solutions (SunGrid), a leading Battery Energy Storage Solution (BESS) services company. The investment marks the beginning of a partnership between HSE and SunGrid led by its Chief Executive Officer, Jeremy Goertz, Chief Revenue Officer, Stefan Goertz and Executive Vice President, Jake Wang. Energy storage will be a critical component of the modern, decarbonized electric resource mix, and represents a growing, multi-billion dollar market.
SunGrid has built an attractive business providing a variety of services for power generation-to-battery, microgrid, stand-alone energy storage, distribution system support and renewable generation coupling applications. Through its partnership with HSE, it expects to expand its Engineering, Procurement and Construction (EPC) footprint and proprietary SunGrid PowerPlay and SimpleOS technology solutions. SunGrid has deep industry expertise, an extensive execution track record and a significant pipeline, most recently having deployed more than 500 MWh of battery storage throughout the United States and Canada.
”We are excited about the growth platform we’ve created and HSE’s commitment to our growing services business. This is a critical step to establishing SunGrid as a premier Battery Energy Storage Solution company in the industry. The investment will enable growth for all of our partners today and into the future” said Jeremy Goertz, CEO.
“In the face of continued growth of the intermittent renewable fleet and declining fossil-fuel fired generation throughout the 21st century, we believe that the modern grid will require vast quantities and many different types of new energy storage installations to achieve regional reliability goals,” said Dr. Michael Booth, a Partner at HSE. “SunGrid’s versatile and panoramic understanding of the storage sector will make it an important player in the industry of the future.”
Javelin Capital acted as financial advisor and The Law Office of Jon Staley, as well as Margie Strub Construction Law LLP and Renno & Co. Inc. acted as legal counsel to SunGrid.
Faegre Drinker Biddle & Reath LLP and Goodmans LLP acted as legal counsel to Hull Street Energy.
SunGrid has US headquarters in Houston, Texas, with global headquarters in Canada, and uses its strong execution focused team to deliver excellent partnerships across the North American Energy Storage sector. The company is focused on the BESS industry and brings its engineering-first delivery strategy to Turnkey and Balance of Plant EPC, and Integrated BESS enclosure systems, including its PowerPlay and SimpleOS platform. Having in-house engineering capabilities throughout North America allows SunGrid to take on projects from 250kWh to 1GWh. By focusing on strong Engineering as part of EPC and turnkey project delivery, SunGrid is a projects first company. For further information about SunGrid please see www.sungridsolutions.com.
About Hull Street Energy, LLC
Hull Street Energy is a private equity firm that specializes in deploying capital into the power sector as it decarbonizes. Headquartered in Bethesda, Maryland, the team leverages its decades of experience and unique knowledge of North American electricity infrastructure, fundamentals and grid operations, including fuel inputs, commodity contract structuring, renewable and fossil powered generation assets, energy storage, transmission and distribution systems, and electricity demand-side businesses to build value for stakeholders. For further information about Hull Street Energy please see www.hullstreetenergy.com.