US storage platform Peregrine gets commitment from Korean investor

Peregrine Energy Solutions LLC, a new player in the US energy storage market, this week said it has received a funding commitment from IMM Investment Global to develop greenfield battery energy storage systems (BESS) in North America.

IMM Investment Global is the international investment arm of Korean alternative investment manager IMM Investment Corp.

Peregrine is a clean energy platform with a focus on utility-scale energy storage that was formed recently as a result of a partnership between Peregrine Energy Management and alternative investment manager Castlelake LP. It said that with IMM Investment Global’s commitment, it is now launching a second greenfield BESS development platform. Peregrine intends to exclusively source, develop and manage the projects.

The company says it already has a 6-GW pipeline of opportunities.

According to a previous announcement, the Peregrine platform will focus on developing clean power assets in areas that face high-power price volatility and grid constraints.

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