GridStor secures $50m credit line to help meet data center battery storage demand

Utility-scale Battery Energy Storage Systems (BESS) developer GridStor has secured a $50 million credit facility facility from German Landesbank NORD/LB to help meet the growing demand from the data center and utility sectors.

“We have taken proactive steps to ensure tax credit eligibility for our project pipeline, and we anticipate more later-stage project acquisitions to provide cost-effective solutions to utility and data center customers,” said Frank Burkhartsmeyer, CFO of GridStor.

The letter of credit follows a $55 million debt financing agreement between the two companies to enable the completion of the 60MW/160MWh Goleta Energy Storage project in Santa Barbara County, California.

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