The Investment Management Corp. of Ontario has signed an agreement to acquire Green Frog Power Ltd. and will invest up to $500 million (£288 million) over the next several years.

“IMCO is actively seeking new and innovative ways to participate in the global transition towards a low-carbon future while accessing compelling returns for our clients,” said Bert Clark, president and CEO of IMCO. “This acquisition is an excellent example of this strategy in action and is tightly aligned with our ESG and sustainable investing objectives.”

“Over the past 12 years we have built Green Frog into a national leader in flexible generation,” said Jeremy Taylor, founding director at Green Frog Power. “We are excited to be working together to build a best-in-class scalable battery storage platform. IMCO’s acquisition enables us to continue to offer the UK market enhanced grid stability services.”

“Utility scale batteries play a critical role in greening electricity by providing grid operators with frequency stability solutions, which enable further renewable penetration growth,” said Tim Formuziewich, managing director of Global Infrastructure at IMCO. “The acquisition of Green Frog gives us access to a leading flexible generation platform and a substantial development pipeline in what we believe is the early stages of a trillion-dollar utility scale battery sector.”