AUSTIN, TEXAS--(BUSINESS WIRE)--
Utility-scale energy storage company Jupiter Power LLC (“Jupiter”) today announced it will build six stand-alone, utility-scale battery storage projects this year, totaling 652 megawatt hours of energy storage capacity. The projects consist of three 200-megawatt-hour projects and three smaller projects, each strategically sited and configured at optimized locations. The projects are all expected to be online by Q3 2021.
Formed in 2017, Jupiter is a developer, owner and operator of energy storage projects in select U.S. markets. “Jupiter was founded on the idea that the rapid growth of renewables means not just cleaner energy, more jobs and a stronger tax base for local communities, but also that we must find ways to make intermittent wind and solar power fit better into the power grid, and storage is the way to do this,” said Jupiter Chief Executive Officer Andy Bowman, whose company is primarily backed by leading energy investor EnCap Investments L.P. “The projects we are announcing today will not only strengthen the grid and provide backup power when needed, they will also help ensure that the cheapest power available – increasingly wind and solar – can get to market regardless of when and where it is generated.”
While most storage companies today build projects only after putting contracts in place for capacity or ancillary services, Jupiter focuses on innovative new structures for contracted projects and putting revenue optimization strategies to work on uncontracted projects sited to help address price volatility and transmission bottlenecks. The company believes its unique ability to strategically site projects and to maximize revenue via contracting and real-time sales allows it to maximize the huge emerging market opportunity for energy storage technologies.
Chief Operating Officer Audrey Fogarty leads Jupiter’s work implementing its novel approaches to storage. “Storage has a unique ability to enhance grid reliability by making power flows more stable during times of rapid supply increases and decreases from wind and solar projects or transmission constraints,” Ms. Fogarty said. “We have spent a considerable amount of time developing proprietary data-driven approaches around how best to site and operate highly flexible, rapidly acting storage projects within today’s power markets. By deciding when to charge and discharge as needed to optimize performance of the system and grid support requirements, Jupiter is leading the way toward much more dynamic utilization of energy storage than we have seen to date.”
About Jupiter Power LLC
Jupiter Power is a utility-scale energy storage company that uses novel applications of cutting-edge energy storage technologies to better serve today’s electricity business. Jupiter is backed by leading energy investors EnCap Investments L.P., Yorktown Partners and Mercuria Energy and has offices in Austin, Texas and Chicago, Illinois. The company is currently developing more than 10GW of storage projects for construction over 2022-2026 in the most promising United States markets, with a particular focus on Texas, the eastern seaboard, California and the midcontinent. For more information, please visit www.jupiterpower.io.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210209005273/en/
Copyright Business Wire 2021