If you look at the start-up known as Delorean Power LLC, you will soon see that they have made a strategic investment into the company and that this is helping to rocket their overall success. They have made a $20 million investment so far and this is helping to push the projects forward while giving them the steam they need to achieve the goals that have been set. Delorean Power LLC are a major developer and they are the owner and the operator of battery storage projects. This is up to 250MW in size, when you look at the US. In addition to all of this, including the Greenbacker investment, it would seem that they are also working to try and raise a large amount of capital so that they can support their pipeline in the future. Delorean is based in Virginia and they were founded in the year 2019. Rory Jones and Michael Herbert founded the company and the focus right now are for them to use standalone energy applications that are multi-use.
Herbert was the energy storage coordinator over at the Federal Energy Commission and he oversaw a lot of the energy storage policies in development. He then provided technical leadership with the FERC and this helped to facilitate the overall production of energy storage as well as helping with resources in the general market. Jones also managed to lead huge-scale power projects that took place in a lot of emerging markets. They did this at the International Finance Corporation for the Banking Group.
Of course, all of this is going to instil some very positive change and it is very exciting to see how much progress has been made over the years as well. It is going to be exciting to see what else is going to change as the years go by.