The company esVolta secured $110 million USD in financing in partnership with Greenprint Capital Management to develop the Hummingbird project, a 300 MWh energy storage system designed to strengthen California's power grid.
What is an energy storage project?
An energy storage project is a cluster of battery banks (or modules) that are connected to the electrical grid. These battery banks are roughly the same size as a shipping container. These are also called Battery Energy Storage Systems (BESS), or grid-scale/utility-scale energy storage or battery storage systems.
When will hummingbird battery energy storage project be completed?
The project is currently under construction and is expected to be completed in 2025. esVolta, an energy storage project developer, completed a $110 million tax equity transaction with Greenprint Capital Management to develop and construct the 300 MWh Hummingbird battery energy storage project in San Jose, California.
Which energy storage facility will provide resource adequacy support to Pacific Gas & Electric?
The energy storage facility in San Jose will provide resource adequacy support to Pacific Gas & Electric. An energy storage project at Monolith Substation, Tehachapi, CA. Image: Sandia National Laboratories esVolta announced it has secured a $110 million tax equity transaction with GreenPrint Capital Management.
How much money did energy storage projects raise in 9m 2024?
According to Mercom's 9M and Q3 2024 Funding and M&A report for Energy Storage and Smart Grid, energy storage project funding in 9M 2024 saw a record $10.1 billion raised in 35 deals compared to $6.8 billion in 26 deals in 9M 2023.