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Retail Supplier Parent Unveils $50 Million Energy Storage Fund, Market Focus Includes ERCOT
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Gridmatic, an AI-enabled power marketer whose operations include Gridmatic Retail (details here), today announced the launch of its first Energy Storage Fund, a $50 million fund that Gridmatic will use to oversee the management of up to 500 MW of battery capacity in the ERCOT and CAISO markets.
"The fund is divided into two tranches, with the initial one successfully completed through a $24.95 million investment from a leading energy investor," Gridmatic said
"Using the fund, Gridmatic will establish multi-year offtake contracts with asset owners to operate energy storage using its AI algorithms. Gridmatic has already begun operating a 50MW / 100MWh battery storage system in Texas using the fund," Gridmatic said
"Gridmatic ensures secured revenue streams for developers' projects through offtake agreements, enabling them to obtain necessary financing. This, in turn, empowers storage developers to recycle their capital into the development of additional storage systems. Gridmatic is then able to maximize the returns of the contracted storage systems via its AI-enabled optimization. The results are highlighted in Gridmatic’s storage report, showcasing a 46% increase in revenues when backtested against actual results for storage systems in the ERCOT market in 2022. By decoupling project development and active management of the batteries, this structure derisks the operational phase of a project for storage owners and supports the growth of the energy storage industry," Gridmatic said
"Through offering a new kind of investment opportunity, this fund represents an advance in the energy storage finance sector," said David Miller, Vice President of Business Development for Gridmatic.
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August 8, 2023
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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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