Energy storage company Jupiter Power announced that it has secured $500 million in financing, supporting the advancement of its project pipeline across the U.S.

Founded in 2017, Texas-based Jupiter Power develops and operates utility-scale battery energy storage systems (BESS), with nearly 8,000 MWh of battery energy storage projects operating, under construction or under contract, and a development pipeline including more than 12,000 MW of projects across the U.S. The company was acquired by BlackRock Alternatives in 2022.

The new $500 million Senior Secured Green Revolving Loan and Letter of Credit Facility upsizes a $225 million facility closed in September 2024. The financing was arranged by Barclays Bank PLC, HSBC Bank USA, ING Capital LLC, National Association, Societe Generale and SMBC.

Jesse Campbell, Jupiter Power’s, CFO said:

“This upsizing represents another big step in Jupiter Power’s growth and underscores the confidence our banking partners have in our ability to continue delivering high-quality BESS projects with long-term contracted cash flows.

Campbell added that the new liquidity will support new BESS procurement, in addition to ”numerous projects proceeding into construction and major advancement of our development pipeline.”

Paul Snow, Head of Renewables, Americas, HSBC Infrastructure Finance, said:

“HSBC is proud to support Jupiter Power’s continued growth, as this expanded facility reflects both the strength of their platform and our shared commitment to scaling critical energy storage infrastructure and support energy security across the United States.”