Gridmatic Launches $50M Storage Fund
- Gridmatic has launched a $50m energy storage fund to manage up to 500MW of battery capacity in ERCOT and CAISO markets. With successful first tranche of $24.95m, Gridmatic's AI algorithms will optimise energy storage with up to 46% increase in revenue. Investors can now capitalise on energy market volatility without managing a battery project.
Gridmatic has launched a new $50m energy storage fund to manage up to 500MW of battery capacity in the ERCOT (Texas) and CAISO (California) markets. The fund has been divided into two tranches and its first one has been successfully completed with a $24.95m investment from an undisclosed energy investor. Gridmatic's AI algorithms will be used to establish multi-year offtake agreements with asset owners and optimise energy storage. Backtesting of storage systems in the ERCOT market for 2022 showed a 46% increase in revenues when compared to actual results. Through this fund, Gridmatic is able to provide investors with the opportunity to capitalise on energy market volatility without the responsibility of managing a battery project or development platform.
What Benefits Has Gridmatic's $50m Fund Provided for Energy Storage?
- Gridmatic’s $50m Fund has provided access to 500MW of battery capacity in the ERCOT and CAISO markets.
- Gridmatic has partnered with an undisclosed energy investor to fund the first tranche of the fund at $24.95m.
- The AI algorithms employed by Gridmatic have enabled them to create multi-year offtake agreements with asset owners.
- Backtesting of storage systems in the ERCOT market for 2022 showed an increase in revenue of 46%.
- The fund has given investors the opportunity to capitalise on energy market volatility without the need to manage or develop a battery project platform.