CCI Acquires Majority Stake in UK Battery Storage Company L48 Energy BESS Ltd.

LONDON, Dec. 13, 2023 /PRNewswire/ -- Castleton Commodities International LLC (CCI) announced today that a subsidiary has acquired a majority stake in Lower 48 Energy BESS Ltd. (L48 Energy), a company that originates, builds, owns and operates large-scale energy storage systems.

Based in the UK, L48 Energy is an independent pure-play battery energy storage (BESS) "originator to operator" and aims to develop, build and own grid-scale batteries at crucial locations in the UK, with possible expansion into other European markets.

"The UK is a strategic market for us, and we are pleased to partner with L48 Energy. We look forward to working closely with Hugh and his team to develop the company into one of the largest storage platforms in the UK," said CCI's Global Head of Principal Investments Arie Pilo.

This acquisition marks CCI's latest move into a crucial market, expanding its presence in large-scale energy storage systems.

Mohit Singh, executive director on CCI's Principal Investments team, said, "This investment reinforces our conviction that energy storage will be a key enabler of decarbonization, and we are excited to partner with L48 Energy as shareholders."

Hugh Mainwaring, CEO of L48 Energy said, "We are delighted to have secured CCI's investment, which represents considerable validation of the hard work my colleagues have delivered upon to date. We now look forward to focusing on the next stage of growth and we will look to continue attracting the best talent to help capitalise on our momentum."

About Castleton Commodities International LLC
CCI is a global energy commodity merchant with integrated businesses focused on marketing, merchandising, and trading commodities, and the ownership, operation and development of commodities-related infrastructure assets. Please visit our website for more information: www.cci.com.

Media contact
Hannah Curnutt
Hill & Knowlton
713-752-1913
Hannah.Curnutt@hillandknowlton.com

About L48 Energy
Lower 48 Energy BESS is a UK based end to end Battery Energy Storage Systems developer focusing on developing large scale, strategically located BESS assets. We are motivated to rapidly develop an operational portfolio that is of importance to the UK's electricity grid. This will enable green generation to thrive supported by our assets in the UK electricity mix. Please visit our website for more information: www.l48bess.com.

Media contact
Ludo Tansini
+44 (0) 208 064 0030
ltansini@lower48energy.com

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