GridStor Acquires Portfolio of Projects to Ignite Growth
Last Updated: Oct 2022
Just months after GridStor's formation by Goldman Sachs Asset Management in 2022, the startup made its first major move by acquiring a 500 MW / 2,000 MWh portfolio of battery storage projects in the Greater Los Angeles area from Upstream Energy.
This ambitious acquisition - representing enough capacity to power 375,000 California homes - signaled GridStor's intention to become a major player in the nation's most mature storage market.
With Marathon Capital advising on the deal and projects slated for 2024-2026 completion, GridStor appeared well-positioned to capture California's urgent reliability needs.
However, nearly three years later, none of these projects have reached commercial operation, and GridStor has notably pivoted away from California entirely. The lack of progress on this flagship portfolio likely reflects the challenging reality of CAISO interconnection queues and urban permitting delays, prompting GridStor to redirect its capital toward faster-developing markets in Texas, Oklahoma, and Arizona.
Just months after GridStor's formation by Goldman Sachs Asset Management in 2022, the startup made its first major move by acquiring a 500 MW / 2,000 MWh portfolio of battery storage projects in the Greater Los Angeles area from Upstream Energy.
This ambitious acquisition - representing enough capacity to power 375,000 California homes - signaled GridStor's intention to become a major player in the nation's most mature storage market.
With Marathon Capital advising on the deal and projects slated for 2024-2026 completion, GridStor appeared well-positioned to capture California's urgent reliability needs.
However, nearly three years later, none of these projects have reached commercial operation, and GridStor has notably pivoted away from California entirely. The lack of progress on this flagship portfolio likely reflects the challenging reality of CAISO interconnection queues and urban permitting delays, prompting GridStor to redirect its capital toward faster-developing markets in Texas, Oklahoma, and Arizona.
Just months after GridStor's formation by Goldman Sachs Asset Management in 2022, the startup made its first major move by acquiring a 500 MW / 2,000 MWh portfolio of battery storage projects in the Greater Los Angeles area from Upstream Energy.
This ambitious acquisition - representing enough capacity to power 375,000 California homes - signaled GridStor's intention to become a major player in the nation's most mature storage market.
With Marathon Capital advising on the deal and projects slated for 2024-2026 completion, GridStor appeared well-positioned to capture California's urgent reliability needs.
However, nearly three years later, none of these projects have reached commercial operation, and GridStor has notably pivoted away from California entirely. The lack of progress on this flagship portfolio likely reflects the challenging reality of CAISO interconnection queues and urban permitting delays, prompting GridStor to redirect its capital toward faster-developing markets in Texas, Oklahoma, and Arizona.
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