Elevate Renewables Acquires Major Battery Storage Project in PJM

Core Insights - Elevate Renewables has acquired the Prospect Power Storage project, the largest standalone battery storage project in the PJM Interconnection, which is a significant addition to its portfolio [1][2] - The 150-MW/600-MWh project is located in Rockingham County, Virginia, and is expected to enter commercial operation in mid-2026, under a 15-year power purchase agreement with Dominion Energy Virginia [1][2] - The acquisition aligns with the growing demand for power in the Mid-Atlantic region, particularly driven by data centers and AI, highlighting the importance of battery storage for grid reliability [2] Company Strategy - Elevate Renewables aims to build energy infrastructure to ensure continuous power for data centers, emphasizing the strategic location and scale of the Prospect Power project [2] - The company is focused on partnering with premier energy developers to scale battery storage and deliver reliable power across high-growth U.S. power markets [2] - Elevate is also developing a 15-MW/60-MWh battery storage project in Staten Island, New York, which will be the largest battery storage site in New York City upon completion [2] Industry Context - The PJM Interconnection is experiencing record capacity prices, indicating a supply-demand imbalance that makes battery storage essential for meeting the needs of data centers and industrial growth [2] - The demand for power in the PJM region is accelerating due to factors such as AI, data center growth, and electrification, necessitating fast-responding, flexible capacity to manage peak loads [2]