US Grid Co. said this week it’s secured an undisclosed amount of investment funding from equity capital provider EnCap Investments and private equity firm Yorktown Partners, Kallanish Energy reports.
New York City-based US Grid was formed to own and operate power plants “critical to the reliability of power supply in major U.S. cities while achieving large reductions in carbon,” according to the company.
US Grid will use the capital investments from EnCap and Yorktown to acquire and manage power generation in U.S. cities.
The investments will decarbonize the power grid through the addition of large-scale battery storage systems, renewable energy projects, and the implementation of other technologies to achieve major carbon reduction.
“We are very pleased to have the strong support of EnCap and Yorktown,” said US Grid CEO Jacob Worenklein.
Prior to US Grid, Worenklein was CEO of U.S. Power Generating Co., where he managed several of the largest power plants in New York City and Boston, representing over 5,200 megawatts of power capacity.
Prior to that, Worenklein served as founder and head of the Power and Projects law practice at Milbank LLP, global head of Lehman Brothers’ Project Finance Group, and global head of Société Generale’s Power, Energy and Projects business.
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