Private equity firms EnCap Investments LP and Yorktown Partners LLC are backing Broad Reach Power, a newly formed independent power producer focused on battery storage.
Houston-headquartered Broad Reach Power will develop, own and operate utility-scale battery plants in North America and will seek to integrate its projects into existing wind, solar or thermal power plants.
It recently purchased a portfolio of solar projects in the U.S. Pacific Northwest and plans to control over 2 GW of generation by 2021, the companies said in a news release Sept. 25.
The executive team and managing partners of Broad Reach Power include CEO Steve Vavrik, who has worked at companies including SunPower Corp. and Apex Clean Energy Inc., CFO Josh Prueher, COO Mark Klein and Chief Technology Officer Doug Moorehead.
Broad Reach Power plans to expand its Houston headquarters and Los Angeles office as it builds out a project pipeline.
EnCap Investments recently established a team of four energy industry experts to pursue opportunities in cleaner energy technologies.
