Tax credit specialist Foss & Company eyes $3 billion energy storage investments by 2028

LinkedIn
Twitter
Reddit
Facebook
Email

A dedicated energy storage investment division has been launched by Foss & Company, an investment and investment services firm which specialises in tax credit transactions, with US$3 billion targeted by 2028.

The company announced the launch of its Standalone Battery Storage Investment Division yesterday (13 September). Although it didn’t specify, the company is based in the US and standalone energy storage in the country is now eligible for the investment tax credit (ITC), which before the Inflation Reduction Act only applied to power plants with generation.

The firm has already completed a US$200 million investment in a 300MW/600MWh battery energy storage system (BESS) project in an undisclosed location. The size and duration could potentially suggest it is in the ERCOT, Texas market, Energy-Storage.news notes.

The company said the project is its largest investment into a single asset to-date.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Foss & Company has set itself the goal of deploying US$3 billion in tax equity into battery storage projects by 2028.

Bryen Alperin, partner & managing director, Foss & Company. “We have built a reputation for being entrepreneurial and leading the way into new tax credit markets as they come online. Our Standalone Battery Storage Investment Division will bring institutional tax equity to this new and rapidly growing market sector.”

As Energy-Storage.news has written extensively, the ITC’s application for standalone energy storage has been relatively slow to take off this year. This is partially down to it being a new asset class for tax equity investment, a form of investment which has typically only been done by specialised companies due to its higher complexity than conventional equity investment.

Tax equity investors also tend to have more risk-averse profiles, making the lack of contracted revenues for battery storage – compared to solar or wind – an issue.

Many sources have told Energy-Storage.news that the tax equity community will nonetheless become more comfortable with energy storage over time, but that it would be a long process.

“We stand on the shoulders of our rich history, a legacy that solidifies Foss & Company’s unparalleled proficiency in tax equity,” said George Barry, president & CEO, Foss & Company.

Our publisher Solar Media is hosting the 10th Solar and Storage Finance USA conference, 7-8 November 2023 at the New Yorker Hotel, New York. Topics ranging from the Inflation Reduction Act to optimising asset revenues, the financing landscape in 2023 and much more will be discussed. See the official site for more details.

Read Next

August 1, 2025
Renewable energy developer-operator Arevon Energy has begun construction on the 300MW/1,200MWh Nighthawk Energy Storage Project in Poway, California, US.
August 1, 2025
Sodium-ion battery energy storage system (BESS) startup Peak Energy has launched and shipped its first sodium-ion BESS to be deployed in a shared pilot with nine utility and independent power producers (IPPs).
July 31, 2025
US zinc battery and energy storage system maker Eos Energy Enterprises has reported year-on-year revenue growth of 243% from the first half of 2024.
July 31, 2025
Tesla’s Shane Bannister revealed that he doesn’t think Tesla will sell another battery in Australia that’s not grid-forming.
July 30, 2025
Applications are invited for New York’s first competitive solicitation for a gigawatt of grid-connected energy storage facilities.

Most Popular

Email Newsletter