GridStor secures $50 million letter of credit from NORD/LB

PORTLAND - Battery energy storage developer GridStor announced it has secured a $50 million letter of credit from NORD/LB to support its development pipeline of utility-scale battery projects across the United States. The project is backed by Goldman Sachs Asset Management, which has shown strong financial performance with a market capitalization of $230.88 billion and a healthy P/E ratio of 15.81.

The company, backed by Goldman Sachs Asset Management, is currently developing over 3 GW of projects throughout the western and central U.S., with some facilities already under construction. GridStor has also acquired 450 MW of late-stage projects in Texas, Oklahoma, and Arizona since the beginning of the year. According to InvestingPro data, Goldman Sachs maintains strong financial health with a current ratio of 1.59 and impressive revenue growth of 12.06% in the last twelve months.

"We are proud to continue our partnership with NORD/LB as we develop battery energy storage projects across North America," said Chris Taylor, CEO of GridStor, in a press release statement.

This marks the second major financing agreement between the two companies. NORD/LB previously provided $55 million in debt financing for GridStor’s Goleta Energy Storage project in California, a 60 MW/160 MWh standalone battery facility.

Frank Burkhartsmeyer, CFO of GridStor, noted that the company has taken steps to ensure tax credit eligibility for its project pipeline and expects more late-stage project acquisitions to serve utility and data center customers.

NORD/LB, headquartered in Hanover, Germany, specializes in financing storage assets and providing solutions for ESG assets across North America, Europe, and Asia-Pacific regions.

Battery storage systems are becoming increasingly important for grid stability as data centers and other large power users drive higher electricity demand. These systems store electricity for delivery during peak demand periods or when renewable energy generation is low.

GridStor develops, acquires, and operates standalone battery storage projects primarily across North America, according to the company’s press release.

In other recent news, Soho House & Co Inc. announced an agreement to be acquired by an investor group led by MCR, valuing the company at approximately $2.7 billion. This deal offers public shareholders $9.00 per share in cash, marking an 83% premium over the stock’s last closing price before the announcement. Meanwhile, T. Rowe Price Group Inc. is set to see a significant investment from Goldman Sachs Group Inc., which plans to purchase up to $1 billion of T. Rowe stock. This acquisition will make Goldman one of T. Rowe’s largest shareholders.

In another development, New Mountain Capital is exploring the secondary market for Azuria Water Solutions, potentially creating a continuation fund exceeding $1 billion. Goldman Sachs is advising on this potential transaction. Additionally, Goldman Sachs faced criticism from President Donald Trump regarding its research on tariffs, with Chief U.S. Economist David Mericle defending the bank’s work. Lastly, Goldman Sachs misstepped with its recommendation on U.S. copper prices, advising clients to bet on rising prices just before Trump’s tariff decision led to a market drop.

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