GDEV Management has launched a sale process for its battery energy storage system (BESS) subsidiary, Lightshift Energy, three sources familiar with the situation told this publication.

A confidential information memorandum and financial model began circulating this week for Lightshift – previously Delorean Power – with KeyBanc leading the process, according to the sources.

A representative for KeyBanc confirmed the bank is leading the sale process, which launched on 1 Oct.

The first round of the sale process is expected to conclude in November, with a final agreement expected in 1Q26, according to the first source.

Lightshift – formerly Delorean Power – develops, owns and operates North American battery storage projects with a focus on partnerships with utilities, municipalities and cooperatives.

The company boasts an operating portfolio of seven BESS systems in Massachusetts and Virginia, with a total capacity of 102 MWh. Lightshift’s website lists another four BESS projects under construction ranging between 5 MW and 16 MW, and a total development pipeline of 16 GWh, with projects ranging up to 250 MW.

This news service reported in September that Greenbacker Capital majority-owned GDEV intended to sell two businesses from its portfolio of behind-the-meter energy and generation platforms before the end of the year. Lightshift was named in that story as a potential asset for sale.

With federal incentives for battery storage, including investment tax credits, left largely intact by this year’s legislative rollback of Biden-era clean energy programs, the seller is said to expect Lightshift to perform strongly going forward and draw significant interest in the market.