Plus Power
Overview
Plus Power is a leading developer in the standalone battery energy storage sector, aiming to mitigate climate change by enhancing grid stability. It was founded in 2018 by Alex Fraenkel and operates primarily out of The Woodlands, Texas, with additional offices in San Francisco and New York. The company focuses on deploying battery energy storage systems that facilitate a seamless transition to renewable energy sources, enabling greater grid flexibility. Over the years, Plus Power has raised approximately $2 billion to fund its various projects across North America.
Recent Developments
- September 2024: Plus Power's Sierra Estrella Energy Storage facility in Avondale, Arizona, secured $707 million in financing, making it the largest standalone energy storage project financing in the U.S.
- August 2024: The company announced plans to raise an additional $1.8 billion to fund multiple battery storage projects aimed at stabilizing the electric grid in Texas and Arizona. The projects include Sierra Estrella and Superstition energy storage facilities, with a combined output of 340 megawatts.
- July 2024: The Kapolei Energy Storage (KES) project in Oahu, Hawaii, became operational, providing 150 megawatts/300 megawatt-hours of capacity to replace the state's last coal plant. This project is pivotal in Hawaii's transition to 100% renewable energy by 2045.
- June 2024: Plus Power's involvement in a significant project financing transaction raised $1.8 billion which will support the construction of five battery energy storage projects with a total capacity of 1.04 gigawatts across the Southwest U.S.
- May 2024: The company initiated a strategic review process which may result in its sale to an infrastructure fund or a private equity firm, with Plus Power potentially being valued at about $1.5 billion.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2018 |
| Headquarters | The Woodlands, Texas |
| Founders | Alex Fraenkel |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | Bank of America, Scotiabank, Greenprint Capital |
| Industry | Energy Storage |
| Number of Employees | Between 100 - 500 |
Early History
Plus Power was established in 2018 with the vision of transforming the energy infrastructure in North America. Initially, the company focused on research and development to perfect its battery storage systems, which can swiftly respond to grid demands, thereby enhancing grid stability. The company quickly expanded its operations across multiple U.S. states, securing initial funding rounds that allowed it to construct its first few projects, setting a solid foundation for its ambitious growth in the energy storage sector.
Company Profile and Achievements
Plus Power's business model revolves around the deployment of utility-scale battery energy storage systems, crucial for integrating renewable energy sources into traditional grids. The company provides grid-stabilizing solutions that can deliver energy during peak demand periods and supply ancillary services to power utilities. Key achievements include:
- Development and operation of over 10 gigawatts of potential projects across 25 U.S. states.
- Successful launch of the Sierra Estrella and Superstition energy storage facilities in Arizona, which together support energy reliability for 76,000 homes.
- Alignment of its growth strategy with the increasing need for grid stabilization amid surging renewable energy adoption.
Current Operations and Market Position
Plus Power continues to lead in the U.S. standalone battery energy storage market, focusing on projects that enhance grid reliability and facilitate renewable integration. The company leverages its comprehensive market expertise to optimize grid operations, reducing costs and improving efficiency. Plus Power's strategic initiatives include expanding its portfolio and securing finance from leading investors, reinforcing its role as a key player in the energy storage industry.
Plus Power Headquarters
Plus Power's headquarters is based in The Woodlands, Texas, but it maintains a robust presence with offices in San Francisco and New York to better serve its diverse project locations and collaborate with industry stakeholders across North America.
Plus Power Revenue
While specific figures aren't publicly disclosed, Plus Power's significant investment rounds and large-scale project deployments indicate a robust financial position, supported by strategic partnerships and a growing number of completed projects contributing to its bottom line.
Conclusion
Plus Power plays an integral role in the energy transition landscape by advancing battery storage solutions that address the challenges of grid reliability and renewable energy integration. As the demand for clean energy solutions grows, Plus Power is well-positioned to expand its footprint, enhance operational capacity, and drive innovations that support a sustainable energy future. With its strategic initiatives and collaborations, Plus Power is set to maintain a leading position in the energy storage industry.