The capital will enable Peregrine to advance its development pipeline, with a primary focus on battery storage technology. This technology is crucial for enhancing the stability and resilience of the U.S. power grid and transmission system, which are facing increasing strain from rising power demands.

Peregrine Energy Solutions (Peregrine), a leading developer and operator of utility-scale battery storage, today announced it has successfully raised an additional $130 million in new capital from a consortium of investors, including the Ministry of Environment of South Korea, IMM Investment, Woori Private Equity Asset Management and funds managed by AB CarVal. This funding will be used to accelerate the development of its growing portfolio of projects across the U.S.

The capital will enable Peregrine to advance its development pipeline, with a primary focus on battery storage technology. This technology is crucial for enhancing the stability and resilience of the U.S. power grid and transmission system, which are facing increasing strain from rising power demands.

"We are incredibly grateful for the support of our investors, who share our vision for a stronger and more reliable energy future," said Hagen Lee, CEO of Peregrine. "This new capital will be instrumental in allowing us to scale our efforts, bring more projects online, and strengthen grid stability to meet growing U.S. power needs."

"South Korea views the United States as a critical partner in strengthening energy infrastructure necessary for the energy transition," said Jongseo An, deputy director of the Ministry of Environment for South Korea. "This investment reflects our shared commitment to ensuring reliable, affordable power and building a resilient and sustainable energy system. We are confident these projects will play a key role in supporting U.S. power needs and enhancing grid stability for the future."

Jongseo An added, "The Korea-U.S alliance, which spans over a hundred years, continues to make the U.S. a preferred destination for strategic investment. This enduring relationship provides the long-term vision needed for transformative energy projects."

The Ministry of Environment of South Korea also praised Peregrine's standout capabilities, noting: "The best management team, best quality assets in the category created based on intense fundamental analysis, and strong focus on execution made Peregrine a singular opportunity that rose above all other platforms."

Kustin Lee, CIO of IMM Investment's overseas business, commented, "We believe Peregrine is at the forefront of the energy storage market. Their proven expertise in developing and operating high-impact projects gives us great confidence in their ability to deliver essential grid services and meet the urgent need for a modernized grid. We are excited to extend our partnership with them as they continue to expand their footprint."

"We are delighted to invest in Peregrine, a top-tier ESS developer leading energy transition in the U.S. We see tremendous growth potential in Peregrine within the U.S. energy storage market and are excited to be part of this journey alongside an industry leader," said Shinkook Kang, CEO of Woori Private Equity Asset Management.

"AB CarVal has had a multi-year relationship with Peregrine to accelerate its pipeline of high quality storage and energy projects," said Xiaoyu Gu, managing director with AB CarVal. "As the energy transition charges forward, we continue to value Peregrine's industry relationships and expertise to deliver in high-demand markets."

Peregrine currently has a robust portfolio, including two key projects in ERCOT slated to go online later this year and early next year. The new funding will support the company's strategic expansion of its presence in key markets throughout the nation.

About Peregrine: Peregrine Energy Solutions is an integrated energy platform with a focus on utility-scale energy storage and grid solutions. Established in 2022 through a partnership between Peregrine Energy Management and a global alternative investment manager with approximately $20 billion in assets, Peregrine is committed to delivering projects that enhance grid reliability and meet growing U.S. power demands. Peregrine Energy Solutions is a limited liability company formed in Delaware and headquartered in Boulder, Colorado. Additional information is available at http://www.peregrineenergysolutions.com.