Portsmouth-based battery storage developer, Granite Source Power (GSP), has successfully secured $40 million in Strategic Growth Capital to fuel its expansion plans. The investment comes from New Energy Capital, a leading investor in the renewable energy sector. This equity partnership will provide the necessary funding for GSP to further develop its renewable energy and battery storage projects in its core markets.
Established in 2022, GSP is a pioneering utility-scale energy development company that adopts an owner-operator mindset to mitigate risks throughout the entire project lifecycle. By addressing challenges at the foundation of project development and operations, GSP aims to ensure the success and sustainability of its initiatives. Currently, GSP, in collaboration with Marathon Capital, LLC, is actively marketing a diverse and resilient 2 GW stand-alone battery storage portfolio, embodying all the essential qualities for the future of clean energy.
The $40 million investment from New Energy Capital solidifies GSP’s position as a key player in the renewable energy sector, empowering the company to drive innovation and accelerate the adoption of sustainable solutions. With the funding in place, GSP can further expand its renewable energy and battery storage projects, contributing to the transition to a greener and more resilient energy grid.