Corporate Funding for Energy Storage Companies Up 55% with $26.4 Billion in 2022

From: Mercom India

Spearmint Energy, a green merchant trading company that develops, owns, and operates around battery energy storage systems (BESS), has acquired a portfolio of 900 MW BESS assets, collectively known as Nomadic.

The Nomadic BESS portfolio comprises three projects, each with a target capacity of 300 MW. It is located in Cooke, Galveston, and Brazoria counties in Texas and has a capacity of up to 900 MW and 2,000 MWh.

The portfolio will serve the Electric Reliability Council of Texas (ERCOT) market, where the demand for renewable energy generation has increased after the winter storm Uri and the passing of the Inflation Reduction Act.

The company said the acquisition will it expand its BESS portfolio.

The first project within the Nomadic portfolio is expected to reach notice to proceed in early 2024 and begin commercial operation within 12-18 months.

Founder, President, and CEO of Spearmint Andrew Waranch said, “A collection of state-of-the-art energy storage projects, Nomadic will enable Spearmint to continue to execute our mission of facilitating the clean energy revolution through the delivery of renewable power to the grid efficiently, safely, and where communities need it most.”

Nomadic marks Spearmint’s second acquisition since the company’s launch in May 2022 and follows Spearmint’s acquisition of Revolution, a 150MW/300 MWh project in West Texas from Con Edison Development, a wholly owned subsidiary of Con Edison Clean Energy Businesses.

Located adjacent to the King Mountain Wind Farm in the Lower Colorado River Authority Territory, Revolution will provide battery energy storage assets to West Texas’ ERCOT market. The construction of the project commenced in late November 2022 and is expected to commence commercial operations in mid-2023.

According to a recent BloombergNEF report, the U.S. commissioned about 4.8 GW in non-hydropower storage capacity to bring total capacity to 11.4 GW in 2022. Despite supply chain challenges delaying some project pipelines, the U.S. continues to be the largest energy storage market in the world.