Virginia’s biggest standalone BESS comes online, Cypress Creek raises funding for a gigawatt-scale hybrid resource, and Kore Power’s mobile solutions subsidiary is sold, in this edition of news in brief.
Arclight subsidiary’s 150MW/600MWh project increases BESS capacity in PJM by 50%
A 150MW/600MWh battery energy storage system (BESS) project has been brought into commercial operation by Elevate Renewables, the developer and independent power producer (IPP) founded and backed by infrastructure investor ArcLight Capital Partners.
The two companies inaugurated Prospect Power Storage in Rockingham County, Virginia, last week. The ceremony (pictured above) was attended by representatives of utility Dominion Energy, state and local officials, community leaders, and project partners, Elevate and Arclight announced on 11 June.
It is the largest standalone BESS project to date in both the state of Virginia and the PJM Interconnection grid and wholesale market service area. PJM COO Stu Bresler commented that Prospect Power alone increases battery storage capacity in PJM by 50%.
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Elevate acquired the project, which is close to Virginia’s famed ‘Data Center Alley,’ in January from Swift Current Energy. Swift Current raised US$242 million for the project’s development in 2025, two years after acquiring it from an Open Road Renewable Energy and Eolian joint venture (JV).
Elevate, which has another project of equivalent size in New Jersey, supported by that state’s Garden State Energy Storage Program in its development portfolio, said it recently submitted 7.6GWh of BESS projects to PJM’s interconnection process.
Given the concurrent dynamics of electrification programmes and data centre and industrial load growth, PJM is facing unprecedented load growth, as discussed in an ESN Premium article last month.
Cypress Creek raises US$3.5 billion for Arkansas solar-plus-storage project
Cypress Creek Energy has secured US$3.5 billion in financing to support the development of a 1.63GW/1.9GWh solar-plus-storage project in Arkansas.
The financing will support the first two phases of the three-phase Steel River Energy Center project, which comprises 2.45GW of solar PV and 2.9GWh of battery storage, making it one of the largest solar-plus-storage projects in the US. The entire project is expected to be completed by 2029.
According to the IPP, the financing process attracted significant interest from the lending community and was highly competitive, reflecting strong demand for large-scale energy infrastructure projects.
The construction financing for the first two phases comes less than three months after Cypress Creek acquired the solar-plus-storage project from renewables developer Swift Current Energy in March 2026.
The financing was fully underwritten by the initial coordinating lead arrangers, Barclays, BNP Paribas, Santander, and Wells Fargo.
In addition to the construction financing, the IPP closed tax equity financing with an undisclosed tax equity investor, while long-term power offtake for the first two phases of the solar-plus-storage project has been secured through a virtual power purchase agreement (vPPA) with an investment-grade corporate counterparty.
This item by Jonathan Touriño Jacobo.
To read the Cypress Creek article in full, visit PV Tech, where it was first published.
Kore Power sells transportable BESS solutions subsidiary to pharmaceutical company
Following the recent announcement of its planned takeover by T1 Energy, battery storage manufacturer and system integrator Kore Power will sell its subsidiary Nomad Transportable Power Systems.
Buyer Lixte Biotechnology Holdings, a pharmaceutical company, announced last week (11 June) that it has entered a definitive agreement to purchase 100% of the outstanding equity of Nomad, which manufactures a megawatt-scale BESS platform.
Lixte Biotechnology CEO Geordan Purslove said the deal will create “one of the first publicly traded companies singularly focused on solving one of the most significant constraints facing economic growth today—access to reliable electrical power.”
Upon the acquisition’s closing, once it passes regulatory approvals, the company will be known as Nomad Power Solutions. Financial terms of the transaction were not disclosed.
While there are no immediately obvious synergies between Lixte Biotechnology’s main business of developing cancer drugs and therapies, the company emphasised what it saw as the strength and USP of Nomad Transportable Power Systems in a release.
It said the Nomad 1MW BESS platform is validated to the UL9540 standard and meets the requirements of investor-owned utilities (IOUs), electric cooperatives, municipal utilities, and large industrial users. It could also hold a structural permitting advantage in communities reluctant to host large-scale BESS projects, as the platform is categorised as equipment rather than infrastructure, Lixte Biotechnology said.
It comes just a couple of weeks after T1 Energy entered an agreement to acquire parent company Kore Power for around US$32 million. Kore Power had been trying to get a 12GWh US battery cell gigafactory built in Arizona for some time.
However, Kore cancelled the KOREPlex gigafactory plans in 2025 and shifted its focus to its system integration division, which it had acquired in 2022.
T1 Energy is a US solar PV manufacturing startup that pivoted from ambitions to manufacture battery cells in Europe and the US. Previously headquartered in Norway and trading under the name FREYR Battery, FREYR also scrapped its US lithium-ion (Li-ion) cell gigafactory plans in 2025, before a major restructuring that led to it buying a US solar factory from Chinese manufacturer Trina Solar.
In a 2024 ESN Premium article focused on startups looking to scale the emerging technologies of virtual power plants (VPPs) and mobile BESS, Kore Power’s founder and then-CEO Lindsay Gorrill said Nomad brought together Kore Power’s battery technology with the know-how of NRI, the system integrator it purchased in 2022.
