Flatiron Energy Expands Credit and Equity Commitments to Accelerate Growth in Utility-Scale Battery Storage
Flatiron Energy (“Flatiron” or the “Company”) has announced a major expansion of its financial resources to accelerate the growth of its battery energy storage business across the United States. The company has closed an upsizing of its existing $125 million credit facility, originally completed in 2024, with certain funds and accounts managed by HPS Investment Partners (“HPS”), increasing the total size of the facility to $250 million.
This strategic expansion of capital comes at a pivotal moment for Flatiron, which is rapidly scaling its presence as an independent power producer (IPP) in the clean energy sector. The additional funds will be used to finance development and construction expenses for Flatiron’s portfolio of approximately 4.5 gigawatts (GW) / 18 gigawatt-hours (GWh) of utility-scale battery storage assets currently in development or under construction. These assets will play a vital role in strengthening grid reliability and enabling the broader transition to renewable energy sources throughout the Northeast and Mid-Atlantic power markets.
In addition to the credit facility expansion, Hull Street Energy, LLC (“HSE”), Flatiron’s long-term equity partner, has increased its equity commitment to the Company. The enhanced partnership between Flatiron and HSE underscores a shared vision of establishing Flatiron as a premier regional IPP capable of delivering advanced, large-scale energy storage solutions to an evolving power market that increasingly depends on flexibility, reliability, and decarbonization.
Strengthening the Capital Foundation for Growth
The upsizing of both debt and equity commitments follows Flatiron’s recent announcement of approximately $540 million in financing commitments from leading financial institutions to fund the construction and operations of its Taft Project in Uxbridge, Massachusetts. That project represents one of the largest energy storage initiatives in New England and marks an important milestone in Flatiron’s mission to support grid stability as renewable energy penetration grows.
With this additional capital in place, Flatiron is now well-positioned to complete development and initiate construction on multiple projects across New England. The company also plans to expand its pipeline into the broader Northeast and Mid-Atlantic regions—areas that face increasing strain on power infrastructure due to electrification, intermittent renewable generation, and rising demand for clean energy solutions.
“These new commitments mark another major step forward in our mission to build the next generation of grid-scale energy storage,” said Dan Myers, Chief Investment Officer at Flatiron Energy. “Our expanded relationship with HPS, a global leader in infrastructure credit, provides the financial flexibility and confidence we need to continue scaling our market-leading portfolio. This capital will enable Flatiron to convert its robust development pipeline into operating assets that will enhance energy reliability, affordability, and sustainability for communities across the region.”
Strengthened Partnerships Driving Long-Term Vision
Flatiron’s relationship with HPS has been instrumental in fueling its growth trajectory. The global investment firm has a strong reputation in infrastructure and energy lending, and its support highlights the increasing attractiveness of energy storage as a critical asset class within the clean energy ecosystem.
Rob Brink, Flatiron’s Chief Financial Officer and Co-Founder, emphasized the value of Flatiron’s partnership with Hull Street Energy: “Since Flatiron’s founding, Hull Street Energy has been an invaluable partner, supporting our rapid growth in our core markets, particularly in Massachusetts and New York. Their deep understanding of power market dynamics and commitment to sustainable energy solutions have allowed us to move with speed and precision. With their expanded support, we’re positioned to continue building a strong, diversified portfolio that meets the energy needs of tomorrow.”
Hull Street Energy specializes in investing in power infrastructure that supports the energy transition. By expanding its equity commitment, HSE reinforces its confidence in Flatiron’s ability to deliver on its ambitious strategy.
“Hull Street Energy has a successful track record of investing capital in the North American power sector as it navigates rising demand and increasing operational complexity,” said Sarah Wright, Founder and Managing Partner at Hull Street Energy. “We value the Flatiron team’s deep industry experience, strategic insight, and disciplined execution. The portfolio they are building will provide essential firming capacity to power-constrained regions, directly supporting our mission to advance the reliable and responsible evolution of the power grid.”
Powering the Transition to a Clean, Resilient Grid
Flatiron Energy’s growth underscores the broader trend in the U.S. power sector toward large-scale energy storage as a cornerstone of the clean energy transition. Battery storage systems like those in Flatiron’s portfolio provide firming capacity, allowing the grid to integrate more solar and wind energy while maintaining reliability during peak demand periods or when renewable generation fluctuates.
By focusing on high-demand markets such as New England, New York, and the Mid-Atlantic, Flatiron aims to fill critical gaps in grid infrastructure and provide solutions to challenges associated with aging power systems and shifting generation mixes. These regions are undergoing significant policy-driven and market-led transformations to decarbonize electricity supply while ensuring grid stability—a challenge that Flatiron’s projects are designed to meet.
Flatiron’s strategic approach combines strong project development expertise, disciplined financial structuring, and deep market knowledge. The company’s portfolio of 4.5 GW / 18 GWh represents a substantial contribution to regional grid modernization and positions it as a leader among independent energy storage developers in the U.S.
Legal and Transactional Support
Flatiron Energy was represented by Orrick, Herrington & Sutcliffe LLP and Clean Energy Capital LLP, both of which provided legal and financial counsel to ensure the successful completion of the transaction. Faegre Drinker Biddle & Reath LLP served as legal counsel to Hull Street Energy.
A Strategic Milestone for the Future
Flatiron’s latest capital expansion represents more than just a financial achievement—it signifies growing institutional confidence in the company’s strategy and in the long-term value of energy storage as a key enabler of a sustainable power system. The company’s leadership sees the current market environment as ripe for continued investment and innovation in utility-scale storage, which plays a vital role in balancing supply and demand, stabilizing electricity prices, and supporting the clean energy transition.
As Flatiron continues to execute on its development pipeline, the company is poised to become a leading independent power producer focused on reliable, clean, and flexible grid solutions. Through strategic partnerships with investors like HPS and Hull Street Energy, and a disciplined approach to execution, Flatiron Energy is setting a new standard for battery energy storage development and operation in North America.
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