NORD/LB, Siemens Financial Services, and GridStor Announce Close of $120 Million Financing Agreement

Construction and tax equity bridge loans and letters of credit will support the Gunnar Reliability Project in Texas

PORTLAND, Ore.--(BUSINESS WIRE)--GridStor, a developer and operator of utility-scale battery energy storage systems, today announced the close of a $120 million financing package provided by lending partners NORD/LB and Siemens Financial Services for its Gunnar Reliability Project, a 150 MW, 300 MWh battery energy storage facility in Hidalgo County, Texas. GridStor previously announced the execution of a tolling agreement with a Fortune 500 company for the project in December 2025.

“This transaction marks a significant milestone in our disciplined portfolio growth, focused on contracted revenues,” said Chris Taylor, CEO of GridStor. “Committed capital from two world-class lending institutions underscores the value of GridStor’s reliability contributions to the Texas power grid during a time of unprecedented expansion in the state.”

The Gunnar Reliability Project is GridStor’s second project in Texas and is on track to be placed in service in late 2026. Construction is underway, sustaining a workforce of more than 100 skilled tradespersons and apprentices. Once operational, the battery storage facility will provide the Lower Rio Grande Valley region of the ERCOT system with power equivalent to serving 95,000 average Texas households during the hours of greatest demand on the electric grid.

“We are proud to have led another successful financing for Gridstor. The closing of the Gunnar BESS project reflects our shared commitment to deploying critical energy storage infrastructure and supporting a more resilient and flexible grid,” said Sondra Martinez, Head of Project Finance-Origination at NORD/LB.

NORD/LB has previously partnered with GridStor to provide a letter of credit facility for its portfolio development and to finance its Goleta Energy Storage Project. The transaction is Siemens Financial Services’ first with GridStor.

“We are proud to provide financing in support of GridStor’s battery energy storage systems in Texas,” said Jim Fuller, Head of Project Finance, Siemens Financial Services, Inc. “The facility enhances power system reliability and supports economic growth in Texas, while providing the community with resilient, clean energy.”

Backed by Goldman Sachs Asset Management, GridStor manages 530 MW, 1,300 MWh of battery energy storage assets in operation and construction, as well as a pipeline of over 3 GW of battery storage projects in later-stage development across the western and central U.S. The company is focused on executing and delivering projects that provide cost-effective, near-term solutions to utilities, data centers, and other large industrial customers in regions with rapidly growing energy demand.

About GridStor

GridStor strengthens America’s power system reliability by building and operating battery projects, storing electricity to deliver when and where it’s most needed. GridStor develops, acquires, and operates utility-scale, standalone battery storage projects primarily across North America. Visit us at www.gridstor.com and on LinkedIn.

About Goldman Sachs Asset Management

Goldman Sachs Asset Management is the primary investing area within Goldman Sachs (NYSE: GS), delivering investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. Goldman Sachs Asset Management is a leading investor across fixed income, liquidity, equity, alternatives, and multi-asset solutions. Goldman Sachs oversees approximately $3.5 trillion in assets under supervision as of September 30, 2025. Follow us on LinkedIn.

About NORD/LB

NORD/LB Norddeutsche Landesbank is one of the leading German commercial banks. The core business segments include business with corporate customers, private and commercial customers including private banking as well as special finance in the energy and infrastructure sector, aircraft finance and commercial real estate finance. The bank is headquartered in Hanover, Germany with branches in London, New York and Singapore.

About Siemens Financial Services

Siemens Financial Services (SFS) – the B2B financing arm of Siemens – provides financing that makes a difference. At SFS, we empower customers around the globe to access technology with purpose and increase their competitiveness. Based on our unique combination of financial expertise, risk management and industry know-how we provide tailored financing solutions – including flexible leasing and working capital products, project-related and structured financing, corporate lending, equity investments, finance advisory, as well as trade and receivables financing. With highly experienced and passionate teams in 20+ countries, SFS paves the way for industrial productivity, smart infrastructure and sustainable mobility, facilitates the energy transition and enables high-quality healthcare. SFS is also one of the leading providers in financing of renewable energy and resource-efficient industries. www.siemens.com/finance.