Company Announcements

220 MW Texas facility expected to begin operation in summer 2025

PORTLAND, Ore.--(BUSINESS WIRE)--Oct. 17, 2024-- GridStor, a developer and operator of utility-scale battery energy storage systems, announced today that construction is underway for its 220 MW, 440 MWh battery facility in Galveston County, Texas. The Hidden Lakes Reliability Project (formerly called Evelyn Energy Storage) is expected to begin operations in the summer of 2025.

“Battery energy storage is a safe, reliable solution to meeting fast-growing demands for power in the greater Houston area,” said Chris Taylor, CEO of GridStor. “Hidden Lakes will bolster the electric supply in Texas, providing energy that stabilizes the power grid and contributes to meeting the hours of greatest demand each day. We are eager to provide a near-term solution to support the region's growth while new power sources and transmission infrastructure are built over the longer term.”

GridStor’s Hidden Lakes project is being built near an existing substation of the same name, owned by Texas New Mexico Power (TNMP). Site preparation and foundations placement is now underway on the 15-acre site, with the installation of battery enclosures and supporting equipment scheduled for early 2025. GridStor has collaborated closely with local and regional officials to ensure the facility meets all requirements and standards for safe and effective construction and operations.

The Hidden Lakes project will contribute tens of millions of dollars to the county in estimated sales and use tax revenue, including property taxes benefiting Galveston County and Dickinson Independent School District. It will employ up to 100 full-time skilled tradespeople and apprentices during construction.

Once operating, the Hidden Lakes project will increase the resilience of the Texas electric grid, helping ensure reliable power supply during disturbances and peak hours via participation in the ERCOT electricity market.

GridStor develops and operates battery facilities directly integrated with American power infrastructure, storing electricity to deliver when it is most needed. GridStor is backed by Goldman Sachs Asset Management and comprises a team of seasoned energy professionals with a record of past accomplishments in energy storage and clean energy project acquisition, development, finance and operations. GridStor’s target markets include regions seeing higher energy demand and volatility from unpredictable weather events such as extreme heat, and areas at risk of increasing grid instability due to retirements of older and aging grid infrastructure and power plants.

About GridStor

GridStor strengthens America's power system reliability by building and operating battery projects, storing electricity to deliver when and where it’s most needed. GridStor develops, acquires, and operates utility-scale, standalone battery storage projects primarily across North America. Visit us at www.gridstor.com and on LinkedIn.

About Goldman Sachs Asset Management

Goldman Sachs Asset Management is the primary investing area within Goldman Sachs (NYSE: GS), delivering investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals.

The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.

Goldman Sachs Asset Management is a leading investor across fixed income, liquidity, equity, alternatives and multi-asset solutions. Goldman Sachs oversees more than $2.8 trillion in assets under supervision as of December 31, 2023. Follow us on LinkedIn.

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Media Contact
Alaina Gjertsen
Alaina.Gjertsen@gridstor.com

Source: GridStor