Energy storage is an important aspect of the clean energy transition, as it provides consistent energy when renewable capacity drops, due to weak wind or cloudy weather, for example. Batteries, which are commonly used in energy storage devices, can collect energy during the day or night, when demand might be lower in certain regions, and can supply customers with clean power during peak hours.

ESG Today writes that previously known as Delorean Power, Lightshift Energy was founded in 2019 by Michael Herbert and Rory Jones and develops battery systems for US-based corporative or utility operators with sizes up to 250 MW.

Rory Jones, Managing Partner and co-founder of Lightshift, said that "rapidly increasing electricity demand and the growing appetite for renewable energy are straining our legacy energy infrastructure and creating major supply, cost and reliability challenges across the country. Our storage projects are purpose-built to address these challenges, helping our utility partners achieve major cost reductions while paving the way for reliable and sustainable growth."

The 100 million USD investment will be used to help the company grow its team, boost sales and support the development of the infrastructure required for upcoming clean energy storage projects. Greenbacker also funded the company another 20 million USD back in 2021.