EnCap Investments Sells Jupiter Power to BlackRock
15.11.2022 08:00:00 EET | Business Wire | Press release
EnCap Investments L.P. (EnCap) today announced that BlackRock Alternatives (BlackRock), through a fund managed by its Diversified Infrastructure business, has agreed to acquire Jupiter Power LLC (Jupiter), a leading U.S. operator and developer of stand-alone, utility-scale battery energy storage systems.
EnCap Energy Transition Fund I (EETF I) and co-investment partners Yorktown Partners and Mercuria Energy are selling Jupiter, and 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 approaches to large scale, stand-alone energy storage projects designed to meet the growing need for grid support and renewables integration driven by the energy transition. Jupiter’s team includes 70 professionals with more than 25,000 megawatts (MW) of prior power generation project experience globally, including some of the first utility-scale energy storage projects built in the U.S. With that expertise, Jupiter has assembled one of the earliest and most geographically diversified storage development pipelines in the country, totaling over 11,000 MW from California to Maine. The company owns and operates a large storage fleet in Texas comprising 655-megawatt hours (MWh), and currently has 340 MWh of new projects in or near construction, including its first project in California. Earlier in 2022 Jupiter closed a ground-breaking stand-alone storage portfolio debt financing of its operating portfolio and announced a collaboration to secure 2,400 MWh of domestic-content-qualified battery energy storage systems for its 2024-2025 projects.
“Acquisition of Jupiter’s uniquely capable energy storage platform by BlackRock’s Diversified Infrastructure business is another sign that energy storage is maturing into an important new player in the electricity business with a critical role to play,” said Jupiter Power CEO Andy Bowman. “Our team has special insight into the many useful things storage can do because of our deep prior experience with renewable energy projects, and we are proud to help lead the way now to the next generation of utility scale energy storage systems.”
“Jupiter is a pioneer in the utility scale battery energy storage industry in the U.S. We are proud to have been their capital provider and partner as they grew the platform and facilitated the integration of renewables onto the U.S. power grid,” said EnCap Energy Transition Managing Partner Kellie Metcalf, who is also chairwoman of the Jupiter board of directors. “We are excited about the company’s outlook for future success.”
EnCap was an early investor in Jupiter and has been an aggressive provider of capital in the fast-growing U.S. energy storage business since it began pursuing opportunities created by the global transition to a lower-carbon energy system. With EnCap’s financial support and strategic expertise, Jupiter leveraged its early mover development positions, supplier relationships and proprietary dispatch applications to successfully execute its innovative portfolio. This allowed Jupiter to become a leader in bridging the gap between intermittent generation supply and real-time consumer demand for power.
The acquisition of Jupiter by BlackRock’s Diversified Infrastructure business, part of BlackRock Alternatives, is the second exit transaction by EnCap’s $1.2 billion EETF I. In addition to Jupiter, EETF I has backed leading energy transition companies, including Catalyze Energy (distributed commercial and industrial solar plus batteries), Solar Proponent (large scale solar), Triple Oak Power (utility scale wind power) and Arbor Renewable Gas (clean fuels), among others.
White and Case, LLP served as legal advisor and Lazard as financial advisor to the seller, and Simpson Thacher & Bartlett as BlackRock’s legal advisor.
About EnCap Investments L.P.
Since 1988, EnCap Investments has been a leading provider of growth capital to the independent sector of the U.S. energy industry. The firm has raised 22 institutional investment funds totaling approximately $38 billion and currently manages capital on behalf of more than 350 U.S. and international investors. Founded in 2019, the EnCap Energy Transition platform is led by four Managing Partners, each with 25-30 years of experience in the development and operations of renewables and power generation. For more information, please visit www.encapinvestments.com.
About Jupiter Power
Jupiter is a leading battery energy storage infrastructure platform with deep trading, analytics, development, finance, operations, and construction capabilities and unparalleled intellectual property in dispatch optimization. Jupiter is backed by EnCap Investments L.P., Yorktown Partners, and Mercuria Energy, and has offices in Austin and Houston, Texas, and Chicago, Illinois. Jupiter has a 655 MWh portfolio of commercially operating utility-scale battery energy storage projects, 340 MWh of projects currently in or near construction, and a pipeline of over 11,000 MW of new projects in active development. For more information on Jupiter Power, please visit our Twitter, LinkedIn, or Facebook pages or visit www.jupiterpower.io
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221114006002/en/
Contact information
Media Contacts
EnCap Investments
For U.S. media inquiries:
Meredith Howard
Redbird Communications Group
210-737-4478
meredith@redbirdpr.com
For UK/Europe media inquiries:
Philip Walters
+44 (0)7773331589
pwalters@prosek.com
Jupiter Power
Caitlin Smith
512-937-6574
Caitlin.Smith@JupiterPower.io
Media@JupiterPower.io
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Thredd and Sutton Bank Partner to Power U.S. Card Program Expansion for Global Brands17.6.2026 15:00:00 EEST | Press release
Thredd, the AI-first issuer processing platform, today announced a strategic partnership with Sutton Bank, a leading sponsor bank and card issuer for fintechs and embedded finance use cases. Through the partnership, Sutton Bank will serve as a BIN sponsor for Thredd clients seeking to launch and scale prepaid and debit card programs in the United States. The partnership strengthens the U.S. market proposition for global fintechs and embedded finance providers by providing these organizations access to an established U.S. issuing bank partner with a long-standing track record supporting card programs across the fintech ecosystem. Sutton Bank has become widely recognized for its payments business, including its work with card networks, processors and program managers, as well as its role as a large BIN sponsor for the fintech community. Together, Thredd and Sutton Bank will support companies looking to bring modern prepaid and debit card programs to market across the U.S. Thredd will pro
FEINDEF 27 Accelerates Commercialisation, Surpassing FEINDEF 25’s Total Exhibition Area by 25% With One Year to Go17.6.2026 14:41:00 EEST | Press release
One year ahead of FEINDEF 27, FEINDEF, Spain’s International Defence and Security Exhibition, continues to maintain a strong commercialisation pace, outperforming previous editions at the same stage. The exhibition has already surpassed the total exhibition area occupied at FEINDEF 25 by 25%, reflecting the strong interest across the sector in participating in the next edition and reinforcing its appeal amid the continued growth of the defence and security industry. Organised by the Fundación Feindef, the exhibition will hold its fifth edition from 18 to 20 May 2027 at IFEMA Madrid, with the objective of consolidating a new phase of growth and strengthening its position as a leading international platform bringing together institutions, industry stakeholders and professionals from across the defence and security ecosystem. In this context, FEINDEF 27 is expected to exceed 89,000 m² of total exhibition area, representing a 46% increase compared to FEINDEF 25 and expanding its capacity t
GenNx360 Capital Partners Promotes Pratik Rajeevan to Partner17.6.2026 14:00:00 EEST | Press release
GenNx360 Capital Partners (“GenNx360”), a New York City-based private equity firm investing in U.S. lower middle market industrial services and business services companies, is thrilled to announce the promotion of Pratik Rajeevan to Partner. Pratik has significant transaction experience having invested in over ten platform companies and 30 add-on investments during his tenure at GenNx360. His experience includes investments in aerospace and defense, utility and environmental services, and testing and inspection services. Pratik is a key leader in investments in NVI, Shenandoah, and Aeron in the GenNx360 Fund IV portfolio. Pratik led successful investments and exits in Miller Environmental and Aero3 in GenNx360 Fund III. Most recently, Pratik was responsible for the firm’s $2 billion exit from Precision Aviation Group, a global aerospace and defense maintenance and repair business in GenNx360 Fund IV. “Pratik is a disciplined and thoughtful investor with significant execution capabiliti
Vercel Brings New Agent Framework, Full-Stack Capabilities, and Enterprise Controls to Its Agentic Infrastructure Platform17.6.2026 13:13:00 EEST | Press release
Today at Ship, its annual conference, Vercel introduced a set of new products that deepen its agentic infrastructure platform trusted by DoorDash, Helly Hansen, OpenAI, Stripe, and The Weather Company. Founder and CEO Guillermo Rauch and other Vercel leaders unveiled the lineup on stage, anchored by three shifts the products address: agents are now the dominant way software gets deployed, every application is becoming agentic, and enterprises need to run agents in production securely and at scale. The transition is well underway. Six months ago, fewer than three percent of deployments to Vercel infrastructure were triggered by coding agents. Agents now account for more than half. Token volume through Vercel's AI Gateway has grown from roughly two trillion to twenty trillion per month over the same period. And over the past year, Vercel has invested heavily in Python and backend frameworks, with a growing share of customers now running backends and databases alongside their frontends. "
NIQ Introduces NIQ Cadence: A Compound AI Operating System for Marketing Effectiveness17.6.2026 13:00:00 EEST | Press release
NIQ (NYSE: NIQ), a global leader in consumer intelligence, today introduced NIQ Cadence, a compound AI operating system built to change how organizations measure marketing performance, optimize budgets, and act on what the data tells them. NIQ Cadence brings data and intelligence into one continuous environment, moving marketers off fragmented reports and onto a single system that empowers decision making. Marketing has never been more complex. Channels keep multiplying, data sits in silos, and the pressure to prove ROI keeps climbing. As a result, most teams still stitch insight and action together by hand, losing time and confidence at every handoff. NIQ Cadence closes that gap with one system where measurement and decision-making finally run together. “Marketing leaders don’t need more reports. They need a better rhythm,” said Jason Tate, General Manager of Marketing Effectiveness at NIQ. “NIQ Cadence moves organizations beyond disconnected data, siloed tools, and disparate insights
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom