Retail Supplier Affiliate Closes $50 Million Energy Storage Fund In ERCOT, CAISO -- EnergyChoiceMatters.com

Retail Supplier Affiliate Closes $50 Million Energy Storage Fund In ERCOT, CAISO

November 15, 2023

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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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Gridmatic today announced the second closing of its first energy storage fund, bringing capital commitments to $50 million.

The fund is earmarked to oversee the management of up to 500 MW of battery capacity in the ERCOT and CAISO markets.

Gridmatic has begun operating a 50MW / 100MWh battery storage system in Texas using the fund, "which was successfully completed through participation from leading energy investors," the company said

"Gridmatic establishes multi-year offtake contracts to operate energy storage systems using its AI algorithms, ensuring steady revenue streams for projects. This enables developers to obtain the necessary financing for projects and recycle their capital into the development of additional storage systems. By decoupling active management of the batteries from project development, Gridmatic’s fund derisks the operational phase of a project for storage owners and supports the growth of the energy storage industry," the company said

"Successfully closing our energy storage fund now allows us to accelerate our growth in signing offtake agreements with asset owners and developers," said David Miller, Vice President of Business Development for Gridmatic.

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