Mar 4, 2020

Marathon Capital Announces Acquisition of NRStor C&I by a Global Private Equity Firm

Marathon Capital, LLC (“Marathon Capital”) is pleased to announce the acquisition of NRStor C&I L.P. ("NRStor C&I" or the "Company") by funds managed by Blackstone Energy Partners from Fengate Asset Management and Lake Bridge Capital, Inc. Fengate managed this investment on behalf of the LiUNA Pension Fund of Central and Eastern Canada.

NRStor C&I is a Toronto-based developer of battery storage solutions, targeting scale storage deployment opportunities in North America. A pioneer in the rapidly growing battery storage market, NRStor has over 200 MWh of operational, in-construction and contracted projects. The Company provides storage solutions to customers across North America through a turn-key build, own and operate business model. NRStor is a market leader in its home market of Ontario, Canada, and has expanded into the United States by leveraging its scalable platform built to adapt to new market constructs and opportunities.

“NRStor C&I has truly created a differentiated offering in the quickly evolving energy storage market while implementing key foundational platform elements to position the Company to rapidly scale under Blackstone’s ownership. We look forward to watching their bright future ahead." said Philip Bassil, Director & Country Manager - Canada at Marathon Capital.

"Philip and his team at Marathon Capital have been an invaluable partner and advisor throughout this acquisition process," said Moe Hajabed, Founder and CEO of NRStor C&I. "From the beginning, it was evident that Marathon Capital brings together its deep power and renewables industry expertise, including unique energy storage transaction experience, extensive knowledge in transaction structuring, and strong global investor relationships in a very unique way. Marathon delivered the right strategic partner to allow us to further accelerate our growth."

“Marathon Capital delivered when it mattered most.We are pleased to have had the opportunity to work with such a professional organization in the renewable energy space. It was a true pleasure working with Philip and his team,” commented Omar Khalifa, Managing Director, Head of Private Equity Investments at Fengate Asset Management. “It has been an exceptional experience working closely with Moe and his team at NRStor C&I to help transform and grow the platform to where it is today, and we wish them all the best for the future.”

Marathon Capital served as the exclusive financial advisor to NRStor C&I and leveraged its unique expertise in power and renewable energy investment banking to deliver a successful outcome to shareholders and the Company.