Blackstone banks on energy storage with NRStor buyout

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Blackstone’s energy unit has bought Toronto-based battery storage manufacturer NRStor C&I.

NRStor provides energy storage products and services to the North American market. The company has more than 200 MWh of battery storage projects that are operational, in-construction or contracted.

“Battery storage will play an important role in the North American power grid and be critical to achieving ambitious renewable targets,” said Blackstone Energy Partners senior managing director Bilal Khan. “NRStor is a pioneer in energy storage and we look forward to helping the leadership team further build out the company’s platform to reach new markets and opportunities.”

Blackstone Energy Partners has raised more than $3.9bn for its latest investment fund, according to an SEC filing from January.

The PE firm’s energy unit is led by senior managing director David Foley and is focused on investments in the energy and natural resources sectors.

The buyout major has invested around $16bn of equity across the global energy industry, according to its website.

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