Oil Trader Mercuria Makes $100 Million Push Into Battery Storage

Mercuria Energy Group, one of the world’s largest independent commodity traders, is pushing into renewable energy with a joint venture to develop utility-scale battery storage, according to people familiar with the matter.

Mercuria is committing $100 million in a partnership with private-equity firm Yorktown Partners, which has pledged $25 million, said one of the people, who asked not to be named because the information isn’t public. They have deployed $10 million in several battery storage investments through EnCap Investment LP’s Energy Transition Fund, the person said.

The move comes as the Geneva-based trader recently disclosed it was stepping up ...