The SUSI Energy Storage Fund will provide financing to NRStor C&I, a subsidiary of Toronto-based NRStor that specializes in storage solutions. The facility will include several unspecified lithium ion battery suppliers, SUSI Partners said.
The fund will be used to support behind-the-meter services for undisclosed Commercial and Industrial (C&I) customers, backed by lithium-ion technology. NRStor C&I will help to bring down grid-wide peaks and smooth out intraday fluctuations related to renewable energy assets, according to an online statement.
Annette Verschuren, chair and chief executive of NRStor, hailed the deal as a “major milestone in the development and expansion of the Canadian energy storage market.” Verschuren added that NRStor C&I will now be able to expedite the deployment of behind-the-meter energy storage solutions for commercial, industrial and institutional customers.
“By creating a standard set of agreements and templates, this transaction represents the first large-scale repeatable financing in the sector,” claimed Asif Rafique, managing director of energy storage at SUSI Partners.
NRStor C&I currently claims a portfolio of more than 300 MW of behind-the-meter energy storage projects in the C&I segment. Energy-focused SUSI’s projects range from load leveling and ancillary services to microgrids.