US battery storage developer Key Capture Energy could be up for sale as its owner considers options to “bring in a financial partner”, Energy-Storage.news has heard.
Key Capture Energy (KCE), headquartered in Albany, New York, develops large-scale standalone battery energy storage system (BESS) assets to own under an independent power producer (IPP) business model.
The company, which has 623MW of operational projects, has been majority-owned since 2021 by South Korean conglomerate SK Group, through its LNG and future energies affiliate, SK Innovation E&S.
In a recent a post to LinkedIn, Frederick Forrest, founding partner at Sourcechange, an energy transition industry recruitment specialist, claimed Key Capture Energy was being put up for sale.
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The post claimed, without citing sources or offering further substantiation, that SK was seeking a US$350 million capital raise for KCE and had appointed Nomura Greentech, an energy transition investment arm of Japanese financial services group Nomura, to oversee the process.
However, following an enquiry from Energy-Storage.news, a US-based spokesperson for SK, said yesterday that PassKey—which is SK Innovation E&S’s green energy investment subsidiary—is “exploring a range of options” and provided the following brief statement:
“PassKey is exploring various strategic options to bring in a financial partner that will work alongside the PassKey team to support Key Capture Energy’s growth in markets across the US. We remain committed to Key Capture Energy’s success as we expand battery energy storage to strengthen grid reliability and resilience.”
Energy-Storage.news also asked the SK representative and the KCE public affairs department whether the reported claims regarding the targeted financing amount and the appointment of Nomura Greentech were accurate. The site will either update this story on receipt of a response or include it in a follow-up article.
KCE’s operational portfolio is largely in Texas’s ERCOT market, although it has also been a first mover in New York’s slowly emerging grid-scale BESS market. According to the company’s website, it also has an 8GW development pipeline across grid and wholesale markets.
More to follow…
