Gridstor, a developer of lithium-ion (Li-ion) BESS projects in Texas, has acquired its first project, Evelyn, with the backing of Goldman Sachs Asset Management. The acquisition follows the start of commercial operations of Gridstor’s first project in California, Goleta, in late 2023. The 2-hour duration Li-ion BESS project could begin construction this summer and is expected to come online in spring 2025. Gridstors claims that the use of existing electricity transmission infrastructure will enable the BESS to begin its grid-connected operations quickly in the ERCOT market, which accounts for over 80% of Texas’ load. The company also announced that it had closed the sale of tax credits in its California project with JP Morgan and had previously secured a US$250 million investment commitment to Canadian advanced compressed air energy storage company Hydrostor.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
