SWELECT to invest up to US$500,000 in US battery storage venture
Swelect Energy Systems Limited has approved an investment of up to US$500,000 in Class B Preferred Equity of Comstock BESS LLC through its wholly owned Singapore subsidiary, Swelect Energy Systems Pte. Ltd., marking the company’s entry into the United States battery energy storage market.
The investment was approved by the company’s Investment Committee at its meeting held on July 14, 2026. Comstock BESS LLC is a project-specific special purpose vehicle focused on developing battery energy storage assets in the US. Details regarding the project’s capacity, location and timeline were not disclosed.
The proposed investment provides Swelect with exposure to the growing US grid-scale energy storage market, supported by increasing renewable energy deployment, grid modernisation efforts and storage targets across several states. By investing through preferred equity, the company is expected to participate in the project’s potential upside while limiting downside risk.
In its FY26 annual report, SWELECT outlined plans to expand its clean energy business through a 1 GW Independent Power Producer (IPP) portfolio over the next two years, scale solar module manufacturing capacity from 1 GW to 2 GW, and commercially launch Battery Energy Storage System (BESS) offerings during FY27. The company is also pursuing utility-scale storage opportunities and has partnered with FortifyGrid LLC to strengthen its presence in the US energy storage market.
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