Peregrine Energy

What Peregrine Energy does

Peregrine Energy Solutions LLC is a U.S.-based independent power producer founded in June 2022 in Boulder, Colorado, through a partnership between Peregrine Energy Management and Castlelake, L.P. The company specializes in the acquisition, development, construction, and long-term operation of utility-scale battery energy storage systems (BESS) and complementary renewable assets, with a stated portfolio of 52 projects, 9,600+ MW of capacity across 19 states and provinces, and pipeline activity spanning five ISOs (ERCOT, SPP, MISO, PJM, WECC).

Peregrine's core offering is utility-scale battery storage delivered under tolling agreements with large corporate offtakers (including a Fortune 500 counterparty on the 250 MW / 500 MWh Mallard project in ERCOT), alongside merchant exposure in wholesale power markets and capacity payments from grid operators. Named flagship assets include Mallard Energy Storage (250 MW / 500 MWh, Collin County TX, under construction with Wärtsilä technology and WHC Energy Services as EPC), Wizard Energy Storage (150 MW / 300 MWh, League City TX), a 150 MW Colorado project (targeted Q4 2025 completion), and a planned $400M Harrison County facility. The company also operates the 80 MW Old Gold Energy Center wind asset in Iowa and offers 'power-ready' land and interconnection queue positions tailored to AI data center campuses of 10-300+ MW.

Revenue mechanics combine long-duration tolling agreements, capacity contracts, and merchant energy and ancillary services revenue, while growth is funded primarily through project-level debt and tax equity rather than corporate equity. Peregrine has assembled a deep project-finance bench (former NextEra, Recurrent Energy, BayWa r.e., Partners Group, CohnReznick) and has secured capital commitments exceeding $1.2B from AB CarVal, KKR, Bildmore Clean Energy (EnCap-backed), First Citizens Bank, Nomura, Societe Generale, Siemens Financial Services, East West Bank, and a South Korean consortium including the Ministry of Environment. Strategic technology and construction partners include Wärtsilä (Quantum2 BESS platform) and WHC Energy Services; geographic expansion includes an SNGRDC partnership for the Ontario market.

Name

Peregrine Energy

Legal name

Peregrine Energy Solutions LLC

Website

https://peregrineenergysolutions.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Peregrine Energy Solutions is a U.S. independent power producer developing, financing, and operating utility-scale battery energy storage projects across ERCOT, SPP, MISO, PJM, and WECC, serving Fortune 500 corporate offtakers, AI data center operators, regulated utilities, and wholesale power markets under tolling agreements and merchant exposure.

Ownership category

akta.pro rank

Product category

Utility-Scale Battery Energy Storage

NAICS

Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric Services (4911)

akta.pro primary industry

Utility-Scale Power Generation Asset Management (EUAEAMAA)

akta.pro secondary industries

Ancillary Services Aggregation & Bidding Optimization (DER/VPP participation) (EUAFALAJ), Resilience & Backup Power Solutions (Critical Facilities, Islanding) (EUAMAJAK), Balancing & Imbalance Markets / Real-Time Balancing Energy (EUAFALAH)

Keywords

• Utility-scale battery storage
• Battery energy storage systems
• Grid reliability services
• Independent power production
• Renewable energy infrastructure

Headquarters

HQ city

Boulder

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Energy Storage Project Development and Ownership: Peregrine develops, builds, and operates utility-scale battery energy storage assets. Revenue is generated through long-term tolling agreements with offtakers (such as Fortune 500 companies), merchant exposure in wholesale power markets, and capacity payments from grid operators. Projects provide grid reliability services, renewable integration support, and dispatchable power capacity.
2. Renewable Energy and Storage Project Financing: Peregrine raises capital from financial partners to fund project development across equipment, interconnection, and construction phases. Returns generated through project completion and operational cash flows.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Peregrine Energy Solutions is an independent power producer that develops, owns, and operates utility-scale battery energy storage systems (BESS) across North American wholesale power markets, including ERCOT, SPP, MISO, PJM, and WECC. The company delivers grid reliability, capacity, and renewable integration services through long-term tolling agreements with large power consumers (such as Fortune 500 companies), merchant exposure in wholesale power markets, and capacity payments from grid operators. It also provides power-ready data center site and interconnection queue positioning services for hyperscale digital infrastructure customers.

Product overview

Peregrine Energy Solutions is an integrated multi-technology clean energy platform focused on utility-scale battery energy storage (BESS). The company operates a portfolio of battery storage projects — including named assets such as Mallard Energy Storage (250 MW/500 MWh, ERCOT) and Wizard Energy Storage (150 MW/300 MWh, Texas) — alongside its proprietary Peregrine Multi-Factor Screening methodology for site selection. Its services span the full project lifecycle from site control through long-term operations, with a specialized offering in power-ready land and interconnection queue positions for data center development (10–300+ MW). Peregrine also manages legacy wind assets including the Old Gold Energy Center in Iowa.

Differentiator

Problem solved

Functional benefit

Products and services

• Mallard Energy Storage A 250 MW / 500 MWh utility-scale battery energy storage project under construction in Collin County, Texas (30 miles northeast of Dallas-Fort Worth), utilizing Wärtsilä's Quantum2 energy storage system and operated under a tolling agreement with a Fortune 500 Company. The project provides grid flexibility and resilience to the ERCOT system.
• Wizard Energy Storage A 150 MW / 300 MWh utility-scale battery energy storage project under construction in League City, Texas, using Wärtsilä technology — Peregrine's first utility-scale deployment with Wärtsilä.
• Utility-Scale Battery Energy Storage Systems (BESS) Peregrine's primary offering: utility-scale, American-deployed battery energy storage solutions designed to strengthen grid reliability, support renewable energy integration, and provide dispatchable power for data centers and industrial facilities across U.S. power markets. Includes full project lifecycle management from site control, environmental review, permitting, engineering design, interconnection rights acquisition, construction management, commissioning, and long-term operations.
• Power-Ready Data Center Site & Interconnection Services Peregrine controls interconnection queue positions and power-ready land for data center development, supporting campuses from 10 MW to 300+ MW across ERCOT, SPP, WECC, and select MISO markets. Services include site selection, queue positioning, and flexible partnership structures (enablement, joint development, balance-sheet participation).
• Old Gold Energy Center An 80 MW operating wind asset in Worth County, northern Iowa (commercially operational since 2001), acquired by Peregrine in 2023 for redevelopment. Plans include optimization of wind resources and addition of battery energy storage, with potential expansion to 230 MW wind and 80 MW BESS.

Quantifiable outcome

• 250 MW / 500 MWh Mallard Energy Storage project providing critical flexibility and resilience to ERCOT system
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Six partnerships are on record, tiered core, minor and strategic.

• WärtsiläcoreTechnology or Integration · 17 December 2025Wärtsilä Energy Storage provides Quantum2 energy storage system technology for Peregrine's Mallard Energy Storage project (250 MW / 500 MWh) and Wizard Energy Storage Project (150 MW / 300 MWh). Wärtsilä is a global leader in energy storage and optimization with over 19 GWh of energy storage deployed or contracted across over 130 sites worldwide.
• WHC Energy ServicescoreImplementation/ SI/ Consulting Partner · 17 December 2025WHC Energy Services, LLC, a Surerus Murphy Company, serves as the EPC contractor for Mallard Energy Storage project construction. WHC provides engineering, procurement, and construction services for energy infrastructure projects across North America with nearly seven decades of experience delivering pipelines, facilities, and power projects.
• CU Boulder Masters of the Environment ProgramminorStrategic or Co-development Partner · 1 July 2024Peregrine collaborated with CU Boulder as Capstone Partner for the Masters of the Environment Program. Four candidates from the master's program were employed to work on real-world challenges exploring pathways for identifying suitable locations for project development. Strategic investment in recruiting future energy professionals.
• Six Nations of the Grand River Development CorporationstrategicStrategic or Co-development Partner · 2 August 2023Strategic partnership to expand Peregrine's mission of creating utility-scale energy assets into the Canadian market. Peregrine will develop and manage projects with consultation, advice, and investment from SNGRDC. The partnership leverages Peregrine's proprietary commercial and development strategy for Ontario market opportunities.
• The Peregrine FundminorOthers · 1 April 2023Peregrine Energy Solutions adopted Star the Peregrine Falcon from The Peregrine Fund's World Center for Birds of Prey in Boise, Idaho. Partnership supports global raptor conservation efforts and the organization's science literacy programs.
• Black Mountain Energy StoragestrategicStrategic or Co-development Partner · 24 January 2023Peregrine acquired two mid-stage energy storage assets (Best Southwest BESS in Dallas County and Mallard BESS in Collin County totaling 490MW) from Black Mountain Energy Storage through a partnership with a global alternative investment manager. Assets strategically sited near Dallas-Fort Worth energy load pocket.

Scale indicators15 records

Recent moves8 records

Expansion highlights7 records

Broad incumbents

• Clearway Energy: Clearway Energy is a publicly traded renewable energy and storage IPP operating a portfolio of utility-scale wind, solar, and battery storage assets across the U.S. It competes with Peregrine for similar offtakers, capital partners, and interconnection queue positions in overlapping ISO markets.
• NextEra Energy Resources: NextEra Energy Resources is the world's largest generator of renewable energy from wind and sun and a major developer of battery storage. As the dominant incumbent IPP, it competes with Peregrine for interconnection positions, EPC capacity, and corporate offtake agreements, but operates at vastly greater scale and balance-sheet capacity.
• AES Corporation: AES is a global Fortune 500 utility and IPP with major utility-scale battery storage operations across the U.S. Its AES Next business and operational storage fleet directly overlap with Peregrine's utility-scale BESS development and grid services offerings.

Emerging players

• Form Energy: Form Energy develops long-duration iron-air battery storage systems for utility-scale applications. While its technology (multi-day duration) differs from Peregrine's lithium-ion BESS focus, it competes for similar utility procurement dollars and grid reliability mandates.

Direct peers

• Stem Inc: Stem provides AI-driven energy storage software and develops utility-scale storage projects. It competes with Peregrine in both storage project development and in serving commercial/industrial customers, with overlap in ERCOT and other ISO markets.
• Plus Power: Plus Power develops, owns, and operates standalone utility-scale battery energy storage projects across North America, with a heavy ERCOT and Western U.S. footprint. It is a direct competitor to Peregrine in the utility-scale BESS development market and shares similar offtake strategies with utilities and large power consumers.
• Jupiter Power: Jupiter Power is a U.S.-focused developer, owner, and operator of utility-scale battery energy storage systems. It is one of the largest independent BESS developers in the country and competes directly with Peregrine for interconnection positions, project finance, and tolling agreements in ERCOT and other ISOs.
• Eolian: Eolian is a U.S. energy storage and renewable developer focused on standalone BESS projects across multiple ISOs. It directly competes with Peregrine in project development, financing, and offtake origination in the U.S. utility-scale storage market.
• Rev Renewables: Rev Renewables (formerly Renewable Energy Systems Americas) develops, owns, and operates utility-scale energy storage and renewable projects in North America. It is a directly comparable IPP competing for similar interconnection positions and corporate/utility offtake contracts.
• Key Capture Energy: Key Capture Energy is a developer and operator of grid-scale battery energy storage projects across the U.S., focused on providing capacity, ancillary services, and renewable integration. Like Peregrine, it participates in multiple ISOs and pursues tolling agreements with utilities and corporate offtakers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/peregrineenergysolutions

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries1 record

Funding overview

Funding rounds8 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Peregrine Energy