Fengate and Lake Bridge announce sale of NRStor C&I, a leading distributed energy resources platform

TORONTO, March 4, 2020 /CNW/ - Fengate Asset Management ("Fengate") and Lake Bridge Capital II, Inc. ("Lake Bridge") are pleased to announce the sale of NRStor C&I L.P. ("NRStor C&I" or the "Company") to funds managed by Blackstone Energy Partners. Fengate's private equity team has been managing its investment on behalf of the LiUNA Pension Fund of Central and Eastern Canada.

NRStor C&I, a former subsidiary of NRStor Inc., is an innovative distributed energy resources platform headquartered in Toronto, Canada, with over 200 MWh of operational, in-construction and contracted projects. The Company provides energy-as-a-service to customers across North America through a turn-key build, own and operate business model. A pioneer in the rapidly growing battery energy storage market, NRStor C&I is a market leader in its home market of Ontario, Canada, and has expanded into the United States by leveraging its scalable platform built to adapt to new market constructs and opportunities.

"We are extremely proud of the growth that NRStor C&I and its management team have achieved over LiUNA's strategic partnership and innovative investment in energy storage," said Joseph Mancinelli, LiUNA International Vice President and Regional Manager for Central and Eastern Canada. "This capital along with Fengate's commitment to relationship building has enabled continued expansion for NRStor C&I, and we wish them great success on this new chapter."

"It has been an exceptional experience working closely with Moe and his team at NRStor C&I to help transform and grow the platform to where it is today," said Omar Khalifa, Managing Director, Head of Private Equity Investments at Fengate. "We believe that the strong team and platform combined with their new partner's scale and resources ideally positions NRStor C&I for the next stage of its evolution."

Marathon Capital, LLC served as advisor to NRStor C&I, Fengate and Lake Bridge. McCarthy Tetrault LLP and Torys LLP served as legal counsel to NRStor C&I, Fengate and Lake Bridge.

About NRstor C&I
Established in late 2016, 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.

About the LiUNA Pension Fund of Central and Eastern Canada
Established in 1972, the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC) is one of the fastest growing multi-employer pension funds across Canada, voted top 10 pension funds by Benefits Canada. With a diverse investment portfolio and $8 Billion in assets LPFCEC has yielded positive returns for the Plan, great work opportunities for LiUNA members, and has created many needed institutions across North America through public-private partnerships and alternatives.

About Fengate
Fengate is a leading alternative investment manager focused on private equity, infrastructure and real estate strategies. With offices in Toronto, Houston and Vancouver and over $4 billion of capital commitments under management, Fengate leverages more than 45 years of entrepreneurial experience to deliver excellent investment results on behalf of its clients. Learn more at fengate.com.

SOURCE Fengate Asset Management

Media Contact: Amy Holmes, Vice President, Marketing and Communications, Fengate Asset Management, [email protected] | [phone]; Christie Kneteman, Vice President & General Counsel, NRStor C&I, [email protected] | [phone]