NBIM Acquires $300 Million Stake in Aypa Power in First Direct Battery Storage Investment

Norges Bank Investment Management (NBIM), the investment manager for Norway’s $2 trillion oil fund, announced that it has acquired a 10% stake in battery storage developer Aypa Power for $300 million, marking the fund’s first direct investment in battery storage.

Founded in 2017, Aypa Power develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects that assist in the decarbonization of the grid. The company is the largest standalone battery storage developer in North America, with approximately 6.5 GW of operating, under-construction and contracted battery storage capacity across the United States and Canada, and a development pipeline of more than 20 GW.

With its new stake, NBIM will invest alongside Brookfield, who announced the acquisition of Aypa Power from Blackstone in July 2026, through its flagship global energy transition strategy, Brookfield Global Transition Fund (BGTF II).

The investment comes amid increasing demand for energy storage solutions as renewable energy deployment advances, given the intermittent generating nature of wind and solar power, and the need to satisfy round-the-clock energy requirements, while ensuring that energy is not wasted, particularly as demand on the grid grows from areas such as transport electrification and AI computing.

Harald von Heyden, Global Head of Energy and Infrastructure at NBIM, said:

“This is our first dedicated investment in battery storage. Storage is becoming an essential part of the energy system as the share of renewable generation grows, and it complements our existing wind and solar portfolio. We are pleased to expand our partnership with Brookfield.”