BlackRock Alternatives, through a fund managed by its Diversified Infrastructure business, has agreed to acquire Jupiter Power, a U.S. operator and developer of stand-alone battery storage systems that used on a utility scale.
Jupiter is being divested by EnCap Energy Transition Fund I (EETF I) and co-investment partners Yorktown Partners and Mercuria Energy. The transaction is expected to close in late 2022, subject to customary closing conditions.
Since its founding in 2017, Jupiter has focused on proprietary, data-driven concepts for large-scale, self-sufficient energy storage projects designed to meet the growing need for grid support and renewable-energy integration as part of the energy transition. The Jupiter team consists of 70 professionals with experience on power generation projects in excess of 25,000 megawatts (MW) worldwide, including some of the first energy storage projects built in the United States. With this expertise, Jupiter has built one of the ea