esVolta, a leading developer and operator of utility-scale battery energy storage projects, has completed a preferred equity transaction with energy transition investment firm Captona LLC. This deal, which also includes the sale of ITC transfer proceeds, totals $243 million. The funds will finance three of esVolta’s active projects in the Electric Reliability Council of Texas (ERCOT) market: Anole, Desert Willow, and Burksol. Together, these sites will add nearly 1 GWh of battery storage capacity to the Texas grid, with commercial operations expected to begin by mid-2025.
Strategic Growth and Market Confidence
Randolph Mann, CEO of esVolta, said. “Having such a well-known and established company partner with esVolta is a testament to the team’s experience, ability, and track record in bringing high-value, safe, and reliable battery energy storage to the Texas grid.”
Analysts say the US energy storage market will expand, with an increase in capacity more than tenfold by 2030. The factors fueling this include state decarbonization targets, increasing corporate demand, and decreased costs. In this regard, energy storage investment is essential in modernizing the grid, boosting reliability, and meeting evolving energy demands in an environmentally friendly way.
This latest deal will contribute to the significant achievements witnessed by esVolta in 2024, raising nearly $900 million to advance its energy storage projects. With this funding, the company is well-positioned to continue deploying fast-responding clean energy solutions to the ERCOT grid and beyond.
Focus on Sustainability and Innovation
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Justin Johns, esVolta’s Chief Financial Officer, said, “esVolta is leading the transformation of the electric grid. Focused on sustainability and innovation, we appreciate Captona’s partnership in this transaction, enabling us to continue delivering value for utilities, energy users, and investors alike.”
esVolta’s development pipeline now includes over 30 active projects totaling nearly 25 GWh of storage capacity. These projects help balance renewable energy’s intermittency and also reduce reliance on fossil fuels, supporting a cleaner energy future. EsVolta enhances grid reliability and power quality, ensuring clean, dependable energy is available whenever it’s needed most. Since 2017, esVolta has been building and operating standalone battery storage assets.