MicroGrid Networks, LLC (“MGN”), a leading developer, owner, and operator of battery energy storage systems in New York City, today announced the closing of a strategic investment from Palisade Infrastructure (“Palisade”), in partnership with SER Capital Partners (“SER”). The transaction supports MGN’s continued growth across New York City and adjacent markets.
The partnership with Palisade provides MGN with additional capital and resources to accelerate its next phase of growth. MGN currently has over 250 MWh of battery energy storage projects under construction and has established a significantly larger development pipeline across its exclusively controlled sites. Under the transaction, Palisade will invest in MGN’s operating and construction-stage projects and make a strategic investment in the platform company. SER will retain a majority ownership stake in the platform company and continue to actively support the company alongside Palisade and the MGN management team. Financial terms were not disclosed.
Founded in 2018 and headquartered in Brooklyn, New York, MGN is an established developer, owner, and operator of battery energy storage and electric vehicle charging systems in New York City. The company was among the first developers to interconnect energy storage systems directly into the City’s mesh network grid. MGN has built an integrated development platform with deep in-house capabilities spanning origination, engineering and design, procurement, construction management, operations, and asset management.
MGN’s battery energy storage facilities help alleviate transmission congestion and enhance grid reliability by delivering localized, cost-effective energy capacity in dense urban environments. The company’s projects also support New York State and New York City’s ambitious clean energy and greenhouse gas reduction goals.
In addition to advancing its existing development pipeline, MGN will seek complementary acquisition opportunities.
Tim Dumbleton, Chief Executive Officer of MGN, said, “With Palisade’s added strategic capital, MGN can further leverage its deep local market expertise to scale the buildout of battery energy storage for added reliability throughout New York City and adjacent markets. We are excited to partner with Palisade alongside SER as we accelerate the next phase of growth for the business.”
Mike Reynolds, Partner and Head of Americas at Palisade, said, “We are excited to support MGN at this pivotal stage of the company’s evolution and to partner with SER and the MGN management team. New York City faces structural supply and reliability challenges that require flexible, localized energy infrastructure solutions. MGN’s technical expertise and proven development and operating capabilities position the company exceptionally well to address these needs.”
Rahul Advani, Managing Partner and CEO of SER Capital Partners, said, “We are pleased to welcome Palisade Infrastructure as a partner in MGN. This transaction reflects the continuation of SER’s vision to build the premier energy storage platform serving neighborhoods across New York City. We look forward to supporting MGN alongside Palisade with a shared commitment to sustainable, reliable, and affordable power.”
Guggenheim Securities served as exclusive financial advisor and Jones Day served as legal counsel to MGN and SER. A&O Shearman LLP served as legal counsel to Palisade.
