About Broad Reach Power
Broad Reach Power is an American utility-scale battery energy storage developer and operator based in Houston, Texas, owned since 2023 by French utility ENGIE. It develops, owns and operates grid-scale battery storage projects, mainly in the ERCOT market in Texas and in California, that help balance power grids with a growing share of renewable generation. The company was founded in 2019 with backing from EnCap Energy Transition, alongside co-investors Yorktown Partners and Mercuria Energy, and Apollo's infrastructure funds bought a 50% stake and joined its board in December 2021. In August 2023 ENGIE agreed to acquire 100% of the battery storage business from EnCap and Apollo for a total equity value of more than $1 billion. The deal covered 350 MW of operating battery assets, 880 MW under construction for commissioning before the end of 2024, a 1.7 GW pipeline of advanced-stage projects in Texas, California and the central US, and an early-stage pipeline. A separate portfolio of 1.8 GW of solar and wind projects and 4 GWh of battery storage in the Mountain West was excluded from the sale. ENGIE bought the business toward its goal of 10 GW of battery capacity by 2030.
Founded
2019
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$1B (acquired Aug 2023)
Broad Reach Power Acquisition
Broad Reach Power was acquired by Engie for $1B on 24 August 2023.
French multinational utility ENGIE acquired 100% of Broad Reach Power, a Houston-based battery energy storage developer owned by private equity funds EnCap Energy Transition, Yorktown Partners, Mercuria Energy, and Apollo Infrastructure Funds, in a transaction valued at over $1 billion equity value. The deal closed in two phases: the first closing occurred in October 2023, with a second transaction involving Texas-based assets under Federal Energy Regulatory Commission jurisdiction completing in January 2024. The acquisition includes 350 MW of grid-scale battery assets already in operation, 880 MW under construction with commissioning expected before the end of 2024 (primarily in the Electric Reliability Council of Texas territory), 1.7 GW of advanced-stage projects, and a significant early-stage pipeline located across Texas, California, and central U.S. states. The transaction excludes Broad Reach's 1.8 GW solar and wind portfolio and 4 GWh of battery storage projects in the Mountain West region. The acquisition accelerates ENGIE's path toward its 2030 goal of achieving 10 GW of global battery storage capacity, while strengthening the company's position as an energy transition leader in the United States where it already operated 5 GW of renewable assets. Broad Reach Power's specialized battery storage expertise, development capabilities, and project pipeline complement ENGIE's integrated energy management model and support the company's strategic focus on providing flexible assets and 24/7 decarbonized electricity alongside growing renewable energy penetration. The deal represents a critical consolidation in the U.S. merchant battery storage sector, with Risk.net awarding ENGIE Deal of the Year for the transaction.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 24 Aug 2023 | Strategic M&A | $1B |
Broad Reach Power Funding History
Broad Reach Power has 1 recorded secondary share sale and no primary funding rounds.
| Date | Stage | Investors | Deal Summary |
|---|---|---|---|
| Nov 2021 | Secondary | Apollo Global Management | Funds managed by Apollo affiliates agreed in November 2021 to acquire a 50% stake in Broad Reach Power, a US utility-scale energy storage and renewable energy platform, from EnCap Investments and its co-investment partners Yorktown Partners and Mercuria Energy. EnCap and its co-investors kept the other 50% and, together with the Apollo funds, committed up to $400 million of additional equity to fund Broad Reach's expansion and growth pipeline. The sale was the first by EnCap Energy Transition Fund I, which had established Broad Reach in 2019; the deal was expected to close by the end of 2021. Apollo's co-head of infrastructure and natural resources Geoff Strong called Broad Reach the premier energy storage company in the US and said the shift to intermittent clean energy would drive demand for storage. Based in Houston, Broad Reach uses battery storage technology and power market analytics to improve the performance of renewable and conventional generation, and at the time had more than 1.4 gigawatt hours of storage assets in operation or under construction and a 21 GW portfolio of utility-scale wind, solar and storage projects. EnCap and the Apollo funds sold Broad Reach Power to ENGIE in 2023. |
Who has invested in Broad Reach Power?
1 investor has backed Broad Reach Power across its funding rounds, including Apollo Global Management.
Broad Reach Power Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 Broad Reach Power investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialBroad Reach Power Competitors
Broad Reach Power competitors include listed companies like Hyliion and Transcorp Power, and private ones like Antora Energy, EcoFlow Tech, Nyobolt and Polarium.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $3M | ($60M) | $586M | 43.6x | ||
| Private | - | - | $574M | - | ||
| Private | $200M | - | $1B | 5.0x | ||
| Private | $9M | - | $1B | - | ||
| Private | $231M | - | $1B | 4.3x | ||
| Publicly listed | $299M | $98M | $1B | - |
Broad Reach Power Public Comps
Broad Reach Power is no longer listed, but its public comps include Transcorp Power, Henan Yicheng New Energy, Greencoat Renewables, SP New Energy, Edenor, Thungela Resources, Polenergia, Fluence Energy, Arendals Fossekompani and JANAF.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $299M | $98M | 3.4x | - | 10.4x | - | |||
| $529M | ($30M) | 3.0x | - | (51.6x) | - | |||
| ($45M) | ($8M) | (50.2x) | 22.1x | (269.6x) | - | |||
| $25M | ($46M) | 103.4x | - | (55.6x) | - | |||
| $2B | $533M | 0.6x | 0.6x | 2.3x | 4.5x | |||
| $1.8B | ($275M) | 0.4x | 0.4x | (2.5x) | 3.3x | |||
| $1.1B | $73M | 1.5x | 1.6x | 22.4x | 12.8x | |||
| $2.3B | ($12M) | 0.5x | 0.4x | (88.8x) | (5.8x) | |||
This data is available for Pro users. Sign up to see all Broad Reach Power competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Broad Reach Power
| When was Broad Reach Power founded? | Broad Reach Power was founded in 2019. |
| Where is Broad Reach Power headquartered? | Broad Reach Power is headquartered in Houston, TX, United States. |
| Is Broad Reach Power publicly listed? | No, Broad Reach Power was acquired by Engie in August 2023. |
| Who acquired Broad Reach Power? | Broad Reach Power was acquired by Engie in August 2023. |
| How much was Broad Reach Power acquired for? | Broad Reach Power was acquired for $1B in August 2023. |
| Who are Broad Reach Power's investors? | Broad Reach Power's investors include Apollo Global Management. |
| Which companies are comparable to Broad Reach Power? | Companies comparable to Broad Reach Power include Hyliion, Antora Energy, EcoFlow Tech, Nyobolt, Polarium and Transcorp Power. |
See companies similar to Broad Reach Power
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




