Private equity firm White Deer invests in battery provider Fortress Power
Private equity firm White Deer announced an investment in Fortress Power, a designer and manufacturer of battery energy storage systems that store solar and grid power for homeowners and businesses. White Deer was joined in its investment by MB Energy Partners, a venture and growth-stage investor focused on the energy transition. Headquartered in Southampton, Pa, Fortress has operations across North America, the Caribbean, Central America, and Asia.
“As grid resiliency and distributed generation become increasingly critical to power grids around the world, we believe that Fortress’s unique offerings position the Company to be a major contributor to these emerging trends while helping enable increased adoption of renewable energy,” said Varun Babbili, Managing Director of White Deer. “This investment highlights one of White Deer’s core strategies, which is to invest in companies that facilitate the energy transition or enable the decarbonization of traditional energy industries. We look forward to partnering with Fortress’s talented leadership team to continue to build on the Company’s success to date.”
One of White Deer’s core strategies is to invest in companies that facilitate the energy transition or enable the decarbonization of traditional energy industries. The firm relies on a thematic, research-based investment approach and deep industry knowledge to create sustained value for its companies, investment partners, and employees. The firm, which is based in Houston and New York, has raised in excess of $2.7 billion of committed capital since its founding in 2008.
John Bishop, Managing Partner of MB Energy Partners, added “Fortress’s outstanding leadership team, market-focused approach to technology development, and differentiated product offerings and service quality stand out in the rapidly evolving energy storage industry.”
Fortress specialized in large-capacity battery energy storage systems, having sold over 20,000 battery energy storage systems since its founding. By offering larger system capacities, Fortress’s integrated systems are easy to install and deliver comprehensive whole-home backup solutions, unlocking cost savings and minimizing grid disruptions for customers.
The company utilizes LFP battery cells to ensure enhanced product safety and longevity. Fortress is dedicated to supporting its installer and distributor partners through both its product design and technical support tools, ensuring seamless customer outcomes and cost-efficient installations.
“Fortress is committed to providing superior battery energy storage solutions to residential, commercial, and industrial customers. Our systems are designed to be safer and easier to use for both end customers and our installer partners,” said Jing Yu, Founder and CEO of Fortress. “By partnering with White Deer and MB Energy Partners, Fortress is positioned to further accelerate its growth, starting with several new products we look forward to announcing in 2022. This partnership will also allow the Company to penetrate new markets and significantly expand our highly talented team.”
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