POWER AND RENEWABLES VETERANS FORM NIGHTPEAK ENERGY AND PARTNER WITH ENERGY SPECTRUM CAPITAL TO DEVELOP CRITICAL ENERGY INFRASTRUCTURE

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Oct 24, 2022, 07:02 ET

Energy Spectrum Capital supports Nightpeak Energy's founding partners and their vision to enable the energy transition with flexible generation projects

OAKLAND, Calif., Oct. 24, 2022 /PRNewswire/ -- Nightpeak Energy ("Nightpeak"), an energy company focused on reliably powering communities towards a low-carbon future, has announced its formation and equity funding of up to $200 million from Energy Spectrum Capital ("Energy Spectrum"), a Dallas-based investment firm that invests across the energy infrastructure value chain. The funding comes from Energy Spectrum Partners Fund VIII ("Fund VIII"), Energy Spectrum's eighth fund with total capital commitments of nearly $1 billion. Nightpeak has also secured a letter of credit facility from a major US-based lender. The equity funding and letter of credit facility will allow Nightpeak to execute on its strategy of developing, owning, and operating flexible generation resources, such as utility-scale batteries, across the US.

Nightpeak brings together industry veterans Paris Hays, Michael Laubenthal, Lucas Möller and Benjamin Snieckus to develop a portfolio of resources aimed at addressing the growing capacity and reliability needs of a decarbonized grid. The founding partners worked together at Recurrent Energy, a leading North American utility-scale solar and energy storage developer, where they commercialized and executed some of the largest and most innovative stand-alone battery storage plants and utility-scale hybrid solar + storage projects in the US.

Nightpeak's initial focus is on developing projects in the U.S. West and Texas, where the rapid growth of intermittent renewable energy resources has created significant need for flexible, dispatchable generation assets.

Paris Hays, Co-founder and CEO/CDO, Nightpeak Energy, said, "We are excited to partner with Energy Spectrum and to have its support as we develop a fleet of flexible generation power plants. Flexible generation will enable the massive build-out of renewable energy while providing grid reliability and long-term value for the customers and communities we serve."

Mike Mayon, Partner, Energy Spectrum, said, "Nightpeak is a strategic addition to Fund VIII to capitalize on the growing need for flexible and dispatchable generation to balance intermittency and strengthen the grid. The Nightpeak team's track-record of success developing energy storage and related assets fits well with our approach of identifying strong management teams to build companies that meet the needs of the evolving energy market."

About Nightpeak Energy

Nightpeak Energy develops, owns and operates energy projects that meet the growing capacity needs of a decarbonized grid. Nightpeak comprises seasoned industry veterans with experience creating and building innovative energy infrastructure projects. For more information, please visit www.Nightpeak.Energy.

About Energy Spectrum Capital

Founded in 1995, Energy Spectrum Capital is a Dallas-based investment firm that invests in well-managed lower middle market companies that acquire, develop and operate energy infrastructure assets in North America. Since inception, the firm has raised more than $4.5 billion of equity capital and has sponsored 64 portfolio companies to date. For more information, please visit www.EnergySpectrum.com.

SOURCE Nightpeak Energy