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SWELECT Energy Systems is set to pick up a stake in US-based Comstock BESS LLC through its Singapore subsidiary, marking the company’s entry into the US grid-scale battery storage market.
According to a statement filed with the exchanges, the investment committee of the company has approved a proposal for SWELECT’s Singapore-based wholly owned subsidiary to invest up to $500,000 in Class B Preferred Equity in Comstock BESS LLC.
The Chennai-based renewable energy solutions company entered the Battery Energy Storage Systems (BESS) business last year with storage solutions for both residential and large-scale commercial/industrial (C&I) applications.