Private Equity Firm NGP Makes $200 Million Bet on US Batteries

Private equity firm NGP Energy Capital Management is backing a new US energy-storage developer with $200 million as data centers spur record power demand growth.

Liminal Energy LLC, formed late last year by longtime storage developers, plans to use the funds from NGP to focus on building utility-scale batteries of various sizes and investment structures, Ken-Ichi Hino, co-founder and president, said in an interview.

NGP had searched extensively for three years to find the right storage team to back, Sam Stoutner, co-head of energy transition, said in a statement. The firm, which has extensive investments in oil and ...