Philadelphia, PA June 14th, 2018
Viridity Energy Solutions, an Ormat Company, and a leader in energy storage, is pleased to announce its acquisition of two shovel ready 20MW/20MWh stand-alone in-front-of-the-meter battery energy storage projects, from Amergin Energy LLC and Akula Energy Ventures, LLC.. “We are pleased to partner with Viridity and its parent Ormat Technologies given their expertise and experience in operating and developing energy storage facilities around the world”, says Tom Brayman founder of Amergin Energy.
Amergin Energy, an energy technology and solutions provider, and Akula Energy Ventures, an early-stage energy private equity firm, jointly developed two 20MW/20MWh stand-alone in-front-of-the-meter battery energy storage projects in Plumsted Township and Alpha Borough New Jersey. The combined projects, interconnected with Jersey Central Power and Light’s transmission grid, will provide real-time frequency regulation as well as other ancillary services to PJM.
Viridity will own and operate the storage projects and expects to commence the operation of both projects in late 2018. Both Amergin and Akula will retain an economic interest in the facilities. “Viridity will be an ideal owner of these assets and has the expertise in operating projects in the PJM market”, says Srikant Akula founder of Akula Energy Ventures.