en.Wedoany.com Reported - Developer and independent power producer Elevate Renewables announced that its Prospect Power Storage battery energy storage project in Rockingham County, Virginia, has commenced commercial operations. The 150MW/600MWh project is currently the largest standalone battery storage facility in Virginia and within the service territory of PJM Interconnection. Stu Bresler, Chief Operating Officer of PJM, stated that this single project has increased the total battery storage capacity operating on the PJM grid by 50%.
Elevate Renewables and ArcLight Capital Partners held a ribbon-cutting ceremony for the project on June 11. Representatives from utility Dominion Energy, state and local officials, community leaders, and project partners attended the ceremony.
Elevate Renewables acquired the project from Swift Current Energy in January of this year. The project site is located adjacent to Virginia's "data center corridor." Swift Current Energy had secured $242 million in development financing for the project in 2025, having itself acquired the project two years prior from a joint venture between Open Road Renewable Energy and Eolian.
The combined effects of accelerating electrification, data center expansion, and industrial load growth are placing unprecedented pressure on PJM. Elevate Renewables has another battery storage project of similar scale in New Jersey, which is part of the state's "Garden State Storage Plan." The company has recently submitted applications for a total of 7.6GWh of battery storage projects to the PJM interconnection queue.
Independent power operator Cypress Creek has secured $3.5 billion in financing to develop a large-scale solar-plus-storage project in Arkansas, featuring 1.63GW of solar and 1.9GWh of storage.
The funds will be used for the first two phases of the Steel River Energy Center project. The overall project plan includes a 2.45GW solar farm and 2.9GWh of energy storage, which upon completion will be one of the largest solar-plus-storage projects in the United States, with full completion expected by 2029.
Cypress Creek stated that the financing process attracted broad competition from lenders, reflecting strong market demand for large-scale energy infrastructure projects. This financing comes less than three months after the company acquired the project from Swift Current Energy in March 2026.
The financing was fully underwritten by Barclays, BNP Paribas, Santander, and Wells Fargo. Additionally, Cypress Creek completed tax equity financing with an undisclosed tax equity investor, and the long-term power offtake for the first two phases has been secured through virtual power purchase agreements with corporate investment-grade counterparties.
Battery energy storage system manufacturer Kore Power announced it will sell its subsidiary, Nomad Transportable Power Systems. This announcement came two weeks after Kore Power reached an agreement to be acquired by T1 Energy for approximately $3.2 million. T1 Energy is a U.S. solar module manufacturer, formerly headquartered in Norway and operating under the FREYR Battery brand. FREYR Battery abandoned its plans for a U.S. lithium-ion battery production facility in 2025, subsequently underwent a major restructuring, and acquired a solar module production plant in the United States from Chinese manufacturer Trina Solar.
Pharmaceutical company Lixte Biotechnology Holdings announced on June 11 that it has signed a definitive agreement to acquire all equity of Nomad Transportable Power Systems. Nomad primarily manufactures megawatt-scale mobile battery energy storage systems. The acquisition is subject to regulatory approval, and upon completion, the acquirer will be renamed Nomad Power Solutions. The financial terms of the transaction were not disclosed.
Geordan Purslove, CEO of Lixte Biotechnology, stated that the deal will create "one of the first publicly traded companies focused on solving one of the biggest constraints on economic growth today—access to reliable, stable power."
Lixte Biotechnology's primary business is the development of anti-cancer drugs and therapies. The announcement highlighted Nomad's technological advantages: its 1MW battery storage platform is UL9540 certified and can meet the needs of utilities, electric cooperatives, municipal utilities, and large industrial users. The platform may have permitting advantages in communities where large-scale battery storage projects are difficult to site, as it is classified as "equipment" rather than "infrastructure."
Kore Power had previously planned to build a 12GWh battery production facility (KOREPlex) in Arizona, a plan that was canceled in 2025, shifting its business focus to the battery energy storage system integration division it acquired in 2022. In a 2024 feature article focusing on the scaling of emerging technologies for virtual power plants and mobile storage, Kore Power founder and then-CEO Lindsay Gorrill stated that Nomad Transportable Power Systems combined Kore Power's battery technology with the expertise of NRI, the storage system integrator acquired in 2022, creating a unique competitive advantage.
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