Plus Power

Overview
News
Alternative Energy?
Product stageSegments
Growth
?
Stationary energy storage
?

Plus Power is a US-based company that develops, owns, and operates standalone energy storage systems. The company specializes in large-scale lithium-ion battery systems and has a growing portfolio of projects in over 28 states and Canada, with a total interconnection capacity of 10 GW.

In January 2024, Plus Power began operations at its 185 MW Kapolei Energy Storage facility in Hawaii. This was reported as the first time a battery was used by a major utility to balance the grid.

Funding and financials

Plus Power’s latest funding round was in February 2024, when it received ~USD 98 million in tax equity investment from Greenprint Capital Management. The company intended to use the funds to support the construction and operation of its Ebony Energy Storage facility, which is set to be operational in 1H 2024. Prior to this, in October 2023, the company raised USD 1.8 billion in debt financing. The capital was to be used to fund the construction and operations of five projects, including a 250 MW energy storage facility in Arizona and three battery plants in Texas.

HQ location:
1780 Hughes Landing Blvd Ste 675, The Woodlands Houston TX USA
Founded year:
2018
Employees:
101-250
IPO status:
Private
Total funding:
USD 2.1 bn
Last Funding:
USD 98.0 mn (Debt Financing; Feb 2024)
Last valuation:
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