System integrator FlexGen Power Systems has secured a revolving credit facility (RCF) of US$75 million with J.P. Morgan.
Speaking with Energy-Storage.news, FlexGen CEO Kelcy Pegler said the RCF will mainly be used for increasing the company’s bankability, emphasising the importance of existing and operating for customers. The company will “lean into research and development,” focusing on emerging hardware and use cases for its technology.
J.P. Morgan served as the lead arranger and administrative agent for the facility, with commitments from Spain-headquartered Banco Santander, Paris-headquartered BNP Paribas and First National Bank of Pennsylvania.
FlexGen started as an engineering company, making microgrids in remote areas of the world and for customers like the US military. The company then moved into designing and integrating utility-scale energy storage systems.
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FlexGen recently signed a joint development agreement (JDA) with Eos Energy Enterprises to develop a fully integrated battery energy storage system (BESS) using Eos’ zinc batteries and FlexGen’s Energy Management System (EMS), HybridOS. Pegler says this project is progressing well.
Part of HybridOS is FlexGen’s DigitalTwin, a technology introduced by the company in 2021. Aimed at developers, independent power producers (IPPs) and asset owners that are looking to develop standalone battery storage or add batteries to other generation, FlexGen’s project feasibility reports (PFRs) take a virtual model of the planned installation and allow users to determine everything from revenue opportunities and lifecycle costs to grid impact for interconnection.
In April 2024, FlexGen partnered with IPP Arclight and its subsidiary Infinigen Renewables to deploy a PV co-located 15MW BESS project in Puerto Rico. The BESS will utilise the system integrator’s HybridOS EMS.
Energy-Storage.news covered the November 2023 announcement that FlexGen and BESS-focused cell manufacturer Hithium made a 25GWh two-way agreement for battery supply and EMS. Of this, 10GWh will be batteries sold by Hithium to FlexGen, making it one of the year’s biggest offtake agreements between cell suppliers and system integrators.
Pegler said of the RCF in the company announcement: “The rapid expansion of AI and cloud computing is driving unprecedented growth in data centre power demands. This trend, combined with the broader energy transition, makes reliable and intelligent energy storage solutions more critical than ever for maintaining grid stability. This facility represents a significant milestone for FlexGen as we continue to lead the way in enabling the modern grid.”
“Collaborating with J.P. Morgan underscores our commitment to providing the bankable energy storage solutions needed to meet the needs of the 21st Century.”
