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Oregon energy storage company plans 450-megawatt facility in Galveston County
An Oregon startup has purchased a 450-megawatt battery energy storage project in Galveston County.
GridStor, a Portland, Oregon-based developer and operator of battery energy storage systems, bought the project from Moab, Utah-based Balanced Rock Power. The Utah company develops utility-scale solar and energy storage projects.
Financial terms of the deal weren’t disclosed.
GridStor, founded in 2022, is backed by Goldman Sachs Asset Management. The Portland Business Journal reported last November that Goldman Sachs had raised a $410 million fund to fuel its energy storage strategy.
Construction on the Evelyn Battery Energy Storage project is scheduled to get underway this summer, with the system projected to go online in the spring of 2025.
“Battery storage is a scalable and near-term solution to powering historic load growth in Texas,” Chris Taylor, CEO of GridStor, says in a news release. “Every day, batteries are consistently providing energy to stabilize the power system and meet hours of greatest demand in the state.”
The GridStor project will boost the Electric Reliability Council of Texas (ERCOT) grid. It’s GridStor’s first acquisition in ERCOT territory.
The project will be built near the Hidden Lakes substation, which is owned by Texas-New Mexico Power, which now just serves Texas. This proximity will enable batteries to quickly begin grid-connected operations.