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FlexGen Boosts Growth with $75 Million Revolving Credit Facility
Thursday, January 30, 2025
RCF to Accelerate Energy Storage Growth Worldwide
DURHAM, N.C., Jan. 22, 2025 /PRNewswire/ -- FlexGen Power Systems, LLC ("FlexGen"), a leading provider of energy storage solutions and software technology, announced today that it has secured a revolving credit facility (RCF) with J.P. Morgan. The $75 Million revolving credit facility is designed to support FlexGen's ambitious growth plans and reinforce its ability to deliver advanced energy storage technologies to enhance the reliability of today's electric grid and accelerate the transition toward an ever-new grid. J.P. Morgan served as the Lead Arranger and Administrative Agent for the facility along with commitments from Banco Santander, BNP Paribas, and First National Bank of Pennsylvania. The RCF provides FlexGen with critical financial flexibility to expand its operations, strengthen its technology offerings, and support the increasing demand for reliable, scalable energy storage solutions worldwide.
"The rapid expansion of AI and cloud computing is driving unprecedented growth in data center power demands. This trend, combined with the broader energy transition, makes reliable and intelligent energy storage solutions more critical than ever for maintaining grid stability. This facility represents a significant milestone for FlexGen as we continue to lead the way in enabling the modern grid," said Kelcy Pegler, Chief Executive Officer of FlexGen. "Collaborating with J.P. Morgan underscores our commitment to providing the bankable energy storage solutions needed to meet the needs of the 21st Century."
"This financing will help build toward a future energy system that is more efficient, reliable and resilient," said Eric Cohen, Head of Green Economy Banking, North America for J.P. Morgan Global Corporate Banking. "J.P. Morgan is proud to support FlexGen in its mission to transform the energy landscape through innovative storage solutions."
As a Bloomberg New Energy Finance Tier 1 Energy Storage Company, FlexGen's industry-leading proprietary energy management software platform, HybridOS(TM), has deployed over 8 Gigawatt-hours of energy storage capacity, delivering advanced operational performance and grid integration capabilities. FlexGen leads the sector with 98% availability-more than 5% better than the next highest competitor. The company's innovative solutions are helping utilities, developers, and independent power producers deliver grid reliability and efficiency in a time of demand growth driven by the expansion of manufacturing and data centers.
For more information about FlexGen and its energy storage solutions, visit: https://www.flexgen.com/.
About FlexGen
Based in Durham, N.C., FlexGen is an innovative software and services provider in the global energy storage sector. At the forefront of the energy transition, FlexGen leverages decades of engineering and software expertise to help shape the future of sustainable power both in the United States and globally. FlexGen's HybridOS(TM) software seamlessly integrates with any hardware vendor and with both traditional and renewable power sources. Our advanced analytics and AI-driven insights enable energy storage owners to effectively deploy diverse power market strategies and integrate various generation forms, enhancing grid stability and increasing economic returns. With 1.5M hours of runtime and 8 GWh of energy storage systems managed with HybridOS(TM), FlexGen provides field-tested software and services solutions that are trusted by the most technically and commercially demanding developers, utilities, government agencies, and industrial companies in the world.
View original content to download multimedia:https://www.prnewswire.com/news-releases/flexgen-boosts-growth-with-75-million-revolving-credit-facility-302357417.html
SOURCE FlexGen
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