NRStor C&I has a new owner.

Private equity firm Blackstone Group (NYSE: BX) announced it has purchased the Ontario-based battery storage firm. Blackstone’s energy-focused private equity fund Blackstone Energy Partners completed the acquisition.

NRStor C&I Deal

NRStor C&I L.P.is a turn-key energy-as-a-service provider to commercial, industrial and institutional customers as well as utilities across North America. With energy storage being a focal point of its offering, NRStor C&I provides its services under a turn-key build, own, and operate business model where no-capital outlay or operational expertise is required from the customer. NRStor C&I offers stand-alone, renewable coupled energy storage systems, as well as microgrids which are centrally managed through its state-of-the-art operational platform.

“Battery storage will play an important role in the North American power grid and be critical to achieving ambitious renewable targets,” said Bilal Khan, Senior Managing Director, Blackstone Energy Partners. “NRStor is a pioneer in energy storage and we look forward to helping the leadership team further build out the company’s platform to reach new markets and opportunities.”

“We are extremely excited about the new partnership with Blackstone and the opportunity to further accelerate our growth and solidify our mission to provide end-users and utilities with innovative storage solutions,” said Moe Hajabed, Founder and CEO of NRStor. “Blackstone brings both the scale and the deep understanding of the renewable power and utility markets that will help us significantly expand our platform and deliver reliable, clean energy to more communities across North America. We look forward to this new chapter of our growth.”

Related: Private Equity Firm Lone Star Looking to Buy Unizo Holdings?