GridStor, a developer and operator of utility-scale battery energy storage systems, announced today (Jan 16) that it has acquired a battery storage project in Oklahoma, totaling 200 MW / 400 MWh to be developed in two phases, from Black Mountain Energy Storage (BMES).
GridStor's acquisition and plan to construct battery storage in Oklahoma comes during a critical time for the region. The Southwest Power Pool (SPP) has indicated an urgent need for new power resources to go online by 2030 to support electric system reliability and meet rising demand from data centers and other large industrial customers.
"Battery storage is a scalable and near-term solution to provide reliability to the SPP system and its large customers," said Chris Taylor, CEO of GridStor. "Batteries provide energy to stabilize the power system and meet hours of greatest demand every day in multiple regions across the U.S. This acquisition demonstrates GridStor's commitment to rapidly adding battery energy storage to the SPP grid to support the growing needs of its residents and businesses."
GridStor's project will be built in Eastern Oklahoma, where multiple data centers are already operating and more are in development, creating new demands on regional power infrastructure. Once operating, the project will increase the resilience of the Oklahoma electric grid, helping ensure reliable power supply daily through participation in the electricity market managed by SPP.
"As a developer of utility scale energy storage projects nationwide, BMES is pleased to support GridStor in their endeavor to support emerging grid needs with utility scale battery storage," said Witt Duncan, CCO of Black Mountain Energy Storage. "Together with GridStor, we're building reliable, affordable, and sustainable energy solutions today for a promising tomorrow."
The successful close of the project marks GridStor's second acquisition over the past year.
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 with rapidly growing energy demand and increasing need for grid reliability.
About GridStor
GridStor strengthens America's power system reliability by building and operating battery projects, 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 Black Mountain Energy Storage
Black Mountain Energy Storage is a team of energy experts who develop and operate battery energy storage facilities. Founded in 2021, BMES was established to bring reliable, emissions-free energy storage capacity to the electric grid to enhance system reliability and enable greater reliance on renewable generation. It focuses on investing in communities and markets where energy storage will provide long-term value to stakeholders.
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 approximately $3.1 trillion in assets under supervision as of September 30, 2024. Follow us on LinkedIn.
Contacts
Media Contact
Alaina Gjertsen
Alaina.Gjertsen@gridstor.com
