FlexGen Power Systems, a US-based energy services provider backed by construction equipment maker Caterpillar, has secured $150m in equity financing from funds managed by affiliates of asset manager Apollo Global Management.
Founded in 2009, FlexGen offers energy management software, power electronics and integration services for utility-scale energy storage systems.
The deal comes six years after Caterpillar Ventures took part in FlexGen’s $25.5m series A round, which was led by investment firm, Altira Group and also backed by GE Ventures, the now shuttered investment subsidiary of power and industrial conglomerate General Electric.
Kelcy Pegler Jr, FlexGen’s chief executive, said: “Our work with Apollo will accelerate FlexGen’s growth, and the capabilities we can offer going forward while establishing the bankability that the market values when making energy storage investments.
“We are well-positioned at the most critical intersection of the clean energy transition – energy storage. We have spent the past decade building the most advanced integration solutions in the market – and now that market is ready to take off.”
Vinson & Elkins was legal counsel for the Apollo Funds while DLA Piper served in the same role for FlexGen, which retained Citi as financial adviser.
