AI-driven clean energy solutions and services provider Stem has been selected by REX Storage Holdings to deliver four 9.9-MW standalone battery storage projects in Texas.
REX is a joint venture between renewable energy infrastructure fund Excelsior Energy Capital and independent battery energy storage system (BESS) developer Regis Energy Partners.
The four energy storage systems are currently under construction and expected to come online in 2023. Regis is overseeing the development of the projects, while Stem is providing its battery hardware Athena, in addition to AI clean energy management platform and operational services.
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The projects mark the first of a $400 million equity commitment by REX to procure additional construction-ready projects from Regis’ development pipeline within the territory of Electric Reliability Council of Texas (ERCOT), which powers around 90 percent of the state’s electric grid.
John Carrington, CEO of Stem, stated, “The energy storage market in Texas represents a significant growth opportunity for leading renewable energy investors like Excelsior who recognize the rich merchant revenue opportunities in the ERCOT market. We will continue to partner with regional developers like Regis to collectively help investors achieve their energy optimization goals in the region while accelerating the adoption of renewable assets.”
Stem’s Athena is an AI-driven enterprise software platform that allows firms to deploy and unlock value from clean energy assets at scale.
Excelsior is focused on long-term investments in wind and solar power plants in North America, while Regis is a developer of utility-scale energy storage projects pursuing a portfolio of distribution-level assets in the ERCOT power market.
