Solar developer SunEdison has acquired a young startup that develops battery projects in conjunction with solar projects called Solar Grid Storage. The companies planned to announce the deal on Thursday morning, and Reuters reported the purchase Wednesday night.
Financial terms of the deal were not disclosed, but SunEdison said it’s acquired Solar Grid Storage’s four operating storage projects, as well as its project team and pipeline. Solar Grid Storage is a three and a half year-old startup based in Philadelphia that is run by CEO Tom Leyden, a former executive at PowerLight and SolarCity. In an interview with Gigaom in 2013, Leyden presciently compared the company to a SunEdison of storage.
The acquisition shows the emerging interest by solar companies in energy storage projects, and signals the coming growth of the grid storage market, which now has large global players vying for it, like Panasonic, Tesla Motors…
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