GridStor Announces Acquisition of Galveston County Battery Energy Storage Project From Balanced Rock Power

450 MW / 900 MWh Texas acquisition expected to begin construction as early as Summer 2024

PORTLAND, Ore.--(BUSINESS WIRE)-- GridStor, a developer and operator of utility-scale battery energy storage systems, announced today that it has acquired an up to 450 MW / 900 MWh project in Galveston County, Texas from Balanced Rock Power. The Evelyn Battery Energy Storage project, which is slated to begin construction in Summer 2024, has an anticipated on-line date of Spring 2025.

The project is scheduled to go online at a critical time for Texas. The Electric Reliability Council of Texas (ERCOT) recently forecasted that summer peak power demand in the state will increase by another 5,000 MW by the end of the decade, with the potential for 16,000 MW of new peak demand during winter extreme weather.

“Battery storage is a scalable and near-term solution to powering historic load growth in Texas,” said Chris Taylor, CEO of GridStor. “Every day, batteries are consistently providing energy to stabilize the power system and meet hours of greatest demand in the state. The rapid deployment of battery energy storage is strengthening the Texas grid to support the growing needs of its residents and businesses today while new power sources and transmission infrastructure are built over the longer term. The quality site selection and early development completed by Balanced Rock Power position this project to contribute substantially to electric reliability in this rapidly growing load area in Texas.”

GridStor’s Evelyn project will be built near the existing Hidden Lakes substation owned by Texas New Mexico Power (TNMP), allowing the batteries to begin grid-connected operations quickly. The project will be near Houston, which suffers from congestion issues – the inability to deliver low-cost energy due to insufficient capacity. Once operating, the Evelyn project will increase the resilience of the Texas electric grid, helping ensure reliable power supply during disturbances and peak hours through participation in the electricity market managed by ERCOT.

Engineering and procurement are underway with leading suppliers and contractors preparing for on-site construction starting in the Summer of 2024. The project is expected to employ 100 full-time, skilled tradespeople and apprentices during its construction.

"We are committed to driving the adoption of clean energy across the United States," said John Knight, CEO of Balanced Rock Power. "Together with GridStor, we're building clean, reliable and affordable energy solutions today for a promising tomorrow."

GridStor develops and operates battery facilities directly integrated with American power infrastructure, storing electricity to deliver when it is most needed. GridStor is backed by Goldman Sachs Asset Management and comprises a team of seasoned energy professionals with a record of past accomplishments in energy storage and clean energy project acquisition, development, finance and operations. GridStor’s target markets include regions seeing higher energy demand from unpredictable weather events such as extreme heat, and areas at risk of increasing grid instability due to retirements of older and aging grid infrastructure and power plants.

Balanced Rock Power is a boutique developer that specializes in the planning and development of utility-scale solar and energy storage projects to support the transition towards renewable energy, sustainability, and a clean energy landscape. Balanced Rock Power approaches development from a long-term owner point of view, including advance procurement of long-lead equipment to meet utility interconnection timelines. Balanced Rock Power focuses in the Western United States and is actively developing projects in Texas, Nevada, Utah, Colorado, California, Idaho, South Dakota, and Arizona.

About GridStor

GridStor is accelerating America’s transition to a carbon-free economy by building and operating batteries on the power grid, storing electricity to deliver when and where it’s most needed. GridStor develops, acquires, and operates utility-scale, standalone battery storage projects primarily across North America. Visit us at www.gridstor.com and on LinkedIn.

About BRP

Balanced Rock Power develops solar and energy storage facilities that generate renewable power supporting America’s growing need for clean, reliable, affordable energy for decades to come. Balanced Rock Power’s team of highly skilled professionals leverages decades of industry experience to identify, analyze, and assess projects for quality and viability, while engaging with local communities and stakeholders to foster positive relationships through the development process. Visit us at www.balancedrockpower.com.

About Goldman Sachs Asset Management

Goldman Sachs Asset Management is the primary investing area within Goldman Sachs (NYSE: GS), delivering investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals.

The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.

Goldman Sachs Asset Management is a leading investor across fixed income, liquidity, equity, alternatives and multi-asset solutions. Goldman Sachs oversees more than $2.8 trillion in assets under supervision as of December 31, 2023. Follow us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240307723501/en/

Alaina Gjertsen

Alaina.Gjertsen@gridstor.com

Source: GridStor