How do I build a buyer list for a BESS project sale?

By the Enerdatics Research Team. Data from Enerdatics Leap, queried 6 November 2026.

Short answer: Build a BESS buyer list by pulling every company that has bought battery storage projects at your stage and in your power market, then adding the buyers whose deals were never announced. Enerdatics records 72 US battery storage deals since January 2024, and 22 of them are stealth deals that a press search would miss. Rank the names by how often and how recently they bought, then check what they paid.

How Enerdatics solves this

Enerdatics shows who has bought at every stage and in every market, including unannounced and stealth deals you will not find in the press. Advisers and developers use it to build buyer lists with bidders their competitors miss. Every deal links back to its source. Before you send a single teaser, Enerdatics shows which buyers took 4-hour ERCOT or CAISO batteries at your stage in the last two years, so your process starts with the bidders most likely to close. Enerdatics tracks 72 US battery storage M&A deals announced since January 2024. Available through CoreData, Stack dashboards, Leap AI and API.

Key takeaways

• Enerdatics records 72 US battery storage M&A deals announced between January 2024 and 6 November 2026.
• 48 of those 72 deals bought projects still under development, so most BESS buyers take development risk.
• ERCOT is the busiest market, with 31 of the 72 deals.
• Gridstor is the most frequent US BESS buyer since 2024, with 6 deals, followed by Daiwa Energy & Infrastructure with 4.
• 22 of the 72 US BESS deals are stealth deals, so a list built only from press releases will miss buyers.

This guide is for developers, advisers and owners preparing to sell a battery energy storage system (BESS) project in the US. At the end you will have a ranked list of buyers who have already bought projects like yours, with evidence for each name.

Step 1: Define exactly what you are selling

Write down the stage, size, duration and power market of your project before you look for buyers. Duration is how many hours the battery can discharge at full power, so a 100 MW / 400 MWh battery is a 4-hour system.

Stage matters most. Enerdatics records 48 US BESS deals for projects under development, 16 for projects in construction and only 8 for operating assets. A buyer who only takes operating plants will not bid for a pre-permit project.

Step 2: Pull every buyer of comparable BESS assets

Start wide. List every company that bought a US battery project since 2024, then narrow it in the next steps. The chart below shows the buyers with two or more US BESS deals in that period.

The list mixes very different buyers. Gridstor and Greenflash are storage platforms. Copenhagen Infrastructure Partners and DESRI are large investors. Energy Vault and Eos Energy Enterprises are technology companies that also buy projects.

Step 3: Filter by power market

Keep the buyers who already own or bought projects in your market. ERCOT runs the Texas grid and CAISO runs most of California's. Each grid has its own market rules and revenue streams, so a buyer that already owns batteries in your market has done much of the work needed to underwrite your project.

Enerdatics' data shows 31 US BESS deals in ERCOT since 2024, 10 in CAISO, 5 in MISO and 4 in NYISO. That fits the build-out: the US Energy Information Administration reported that Texas holds 53 percent of planned US battery additions for 2026. In ERCOT, buyers since 2024 include Coval Infrastructure, Energy Vault, Greenflash, Daiwa Energy & Infrastructure, Banpu and Cerberus Capital Management with Eos Energy Enterprises.

Step 4: Add the buyers nobody announced

Check for stealth deals before you finalise the list. A stealth deal is one where Enerdatics identified the buyer, seller, price or assets even though the parties did not disclose them.

22 of the 72 US BESS deals since 2024 are stealth deals. Clearway Group's purchase of the 400 MW Potentia-Viridi project was identified despite no public disclosure of the buyer. Coval Infrastructure's two 200 MW / 800 MWh projects from Eolian were also not announced.

Step 5: Check what each buyer has paid

Use disclosed prices to sort serious bidders from tyre-kickers and to set expectations. Across 8 US BESS development deals with a disclosed figure, the median developer premium was about $0.04 million per MW. A developer premium is the amount paid per MW for an unbuilt project.

Prices rise with stage. Ready-to-build BESS deals drew a median of about $0.39 million per MW across 3 priced deals. Nofar Energy agreed to pay $40 million for a 100 MW / 400 MWh CAISO project from Ormat Technologies, or about $0.40 million per MW. Energy Vault paid $7.3 million for the 175 MW McMurtre project in ERCOT. Samples are small, so treat these as reference points, not a price list.

Step 6: Rank the list and record the evidence

Sort buyers into tiers by how many comparable deals they did, how recent the last one was and whether they bought in your market. Keep one line of evidence per name, as in the table below, so your team can explain why each buyer is on the list.

Source: Enerdatics Leap, M&A deals dataset (sector Battery, United States), January 2024 to November 2026.

"Independent" means the project sits outside an organised ISO market. To see which owners already hold the largest operating fleets, read our ranking of who owns the most battery storage in the US. For the sell side, our study of which developers are likely to sell their pipeline next shows who you will compete with for buyers.

Frequently asked questions

Who buys battery storage projects in the US? Storage platforms, infrastructure funds, utilities and some technology companies all buy US BESS projects. Gridstor, Daiwa Energy & Infrastructure, Coval Infrastructure and Energy Vault are the most frequent buyers in Enerdatics data since 2024.

How many buyers should a BESS sale process include? There is no fixed number, but the list should cover every credible buyer active at your stage and in your market. Starting wide and filtering with deal evidence keeps the list long enough to create competition and short enough to manage.

What is a stealth deal? A stealth deal is a transaction where the buyer, seller, price or assets were never disclosed by the parties. Enerdatics identifies these from other sources and links each record to its source document.

See every buyer that took a battery project like yours since 2024. Ask Leap three free questions, answered from Enerdatics data. No sales call needed.