ALBANY, NY, September 8, 2021 / PRNewswire / – Key Capture Energy, LLC (“KCE”), a leading developer, owner and operator of energy storage projects in United States, today announced that it has signed an agreement to acquire it by SK E&S Co., Ltd. (“SK E&S”), a global supplier of clean energy and solutions headquartered in Seoul, the Republic of Korea. SK E&S is a subsidiary of the SK Group, one of Korea’s three largest trading conglomerates. This transaction will allow KCE to significantly accelerate its growth plans and allow SK E&S to build a market-leading clean energy and energy storage platform in United States.
Founded in 2016 with offices in Albania, Houston, and Salt lake city, KCE has 254 megawatts (MW) of stand-alone energy storage projects under construction and in operation and a 3,000 MW development pipeline of storage projects across United States.
Jeff Bishop, co-founder and CEO of Key Capture Energy, said: “We are extremely happy to welcome SK E&S as the new owner. SK E&S’s investment marks its confidence in our team, our strategy and in the enormous potential of the US energy storage market, which is considered to be a $ 8.5 billion annual market in 2026 “. operate smaller energy storage projects to transition us to the power grid of tomorrow. We look forward to working responsibly with SK E&S, project by project, to become the US market leader in energy storage. “
SK E&S has made distinctive investments in United States the entire value chain of energy solutions in recent years, in particular: the acquisition of California largest behind-the-meter energy storage portfolio in 2019, an investment in Sunrun and the formation of a joint venture in 2020 to accelerate the adoption of renewable energy, the electrification of homes and the transition to a connected energy system and distributed, and a recent investment earlier this year in a leading hydrogen technology company, Plug Power. SK E&S holistic portfolio aims to provide solutions to solve the complex problems that arise from the energy transition and also to create potential technological breakthroughs to provide holistic solutions for the green business on a global scale, which SK E&S calls “energy solution”.
“KCE’s impressive team, with deep expertise in energy storage, coupled with their proven capabilities in project development, construction and operation, opens the door to tremendous opportunities to move the world forward. energy transition, ”said Kyungyeol Song, Head of EQ-TF at SK E&S. “This acquisition further aligns our business with the ongoing transition to a cleaner energy future, and we are excited to leverage our resources with KCE to build a market-leading next-generation platform in the energy solutions industry.” in the USA. “
Onpeak Capital has been the exclusive financial advisor to KCE and Sidley Austin LLP has been the legal advisor. The transaction is expected to close in the fourth quarter of 2021, subject to customary terms and conditions which were not disclosed.
About Key Capture Energy
As more and more large-scale renewable energy projects come online and intermittent resources add to the energy mix, it becomes increasingly important to maintain the stability of the electricity grid. Based at Albania, New York, Key Capture Energy responds to this need by identifying, developing, building and operating energy storage solutions to drive greater deployment of renewable energy, create a more stable electricity grid and deliver value to everyone taxpayers. Key Capture Energy aims to have more than 1 gigawatt (GW) of battery storage projects in operation in new York, New England and Texas by the end of 2023, under various direct debit contracts. Learn more about keycaptureenergy.com.
About SK E&S
SK E&S, created in 1999 and based in Seoul, the Republic of Korea, is a subsidiary of SK Group, one of the country’s three largest trading conglomerates with approximately 106 billion dollars in annual global turnover and more than 110,000 employees worldwide as of 2020. SK E&S is the largest private Korean liquefied natural gas (LNG) player with a globally integrated value chain of the field natural gas upstream to the intermediate LNG regasification terminal and LNG carriers and downstream town gas distribution, power generation and district heating cogeneration companies in Korea. In addition to the strong LNG value chain, SK E&S mainly invests in four growth sectors: renewable energy, energy solutions, hydrogen and clean LNG with carbon capture, use and storage (CCUS) technology . In the renewable energy and energy solutions sectors, SK E&S is a leading renewable energy producer with more than 2.5 GW of portfolio of solar, wind and fuel cell projects in Korea, and it is expanding to Southeast Asian markets such as Vietnam, etc. SK E&S currently operates approximately 700 megawatt hours (MWh) of energy storage in both Korea and the United States, including the largest portfolio of distributed battery energy storage (BESS) systems in California. For more information on SK E&S, visit http://www.skens.com/.
SOURCE Key Capture Energy, LLC