SWELECT Energy Systems to pick up stake in Comstock BESS
AI Summary
SWELECT Energy Systems is expanding into the US grid-scale battery storage market by acquiring a stake in Comstock BESS LLC through its Singapore subsidiary, with an approved investment of up to $500,000. This move follows SWELECT's entry into the Battery Energy Storage Systems sector last year, targeting both residential and commercial applications.
SWELECT Energy Systems is set to pick up a stake in US-based Comstock BESS LLC through its Singapore subsidiary, marking the company’s entry into the US grid-scale battery storage market.
According to a statement filed with the exchanges, the investment committee of the company has approved a proposal for SWELECT’s Singapore-based wholly owned subsidiary to invest up to $500,000 in Class B Preferred Equity in Comstock BESS LLC.
The Chennai-based renewable energy solutions company entered the Battery Energy Storage Systems (BESS) business last year with storage solutions for both residential and large-scale commercial/industrial (C&I) applications.
Original Article
Published on Hindu BusinessLine