GridStor acquires 500 MW/2 GWh energy storage space projects in LA

• United States grid-scale battery energy storage company GridStor has actually gotten a portfolio of numerous energy storage projects under growth in the better Los Angeles location that are expected to have more than 500 MW/2 GWh of capacity.

Newly-founded GridStor, which is backed by the asset management arm of US financial investment bank Goldman Sachs Group Inc (NYSE: GS), has actually acquired the growths from Upstream Energy of San Diego. Financial details were not provided.

The battery storage projects will be built in city locations, near existing high-voltage line and substations which will allow quick connection to the power grid. As soon as operational between 2024 as well as 2026, the batteries are expected to guarantee reliable power supply and also be critical to the increasing volumes of renewable energy being added to the state's electric grid, according to journalism release published Friday.

" The plus size and strategic locations of these new projects will position GridStor to become a major player in the California energy storage market as the shift to clean energy continues," said GridStor's chief executive officer Chris Taylor.

The State of California has the ambition to have a carbon-free electricity system by 2045 for which it will need 49 GW of battery storage, according to estimates by the California Energy Commission.

Established in 2022, GridStor is energetic in establishing, obtaining and also operating utility-scale, standalone battery storage space projects mostly throughout North America. It is focused on areas seeing fast development of renewable energy sources, retirements of thermal power plants and also higher energy demand. The Portland, Oregon-based firm is a portfolio company of Goldman Sachs Asset Management (GSAM).