- esVolta secured $110M financing with Greenprint Capital to build the 300 MWh Hummingbird energy storage project in San Jose, California. The project is expected to be completed by 2025.
- The Hummingbird project will provide grid stability for PG&E and participate in CAISO’s fast-response energy services, helping reduce congestion and improve grid reliability.
- The project creates 200 local union jobs and contributes to modernising the U.S. power grid, supporting renewable energy integration and the energy transition.
esVolta has secured $110 million in tax equity financing with Greenprint Capital Management to fund the Hummingbird project, a 300 MWh battery energy storage system in San Jose, California. The project aims to strengthen the state’s power grid and will reach completion in 2025.
Through a long-term contract, the Hummingbird project will supply Pacific Gas & Electric (PG&E) with resource adequacy capacity. It will also play a vital role in the California Independent System Operator (CAISO) market by providing fast-response energy services. This system will ease grid congestion and improve stability in the fast-growing region.
esVolta created around 200 union jobs during construction, boosting the local economy. Orrick, Herrington & Sutcliffe LLP and DCH Law LLP handled legal matters for esVolta, while Leverage Law Group, LLC advised Greenprint Capital Management.
Randolph Mann, CEO and founder of esVolta, emphasised the project’s significance for grid reliability. “This transaction reflects our commitment to delivering innovative solutions for the U.S. energy grid,” Mann said, thanking Greenprint for their support in the project.
Peter DeFazio, Managing Director of Greenprint Capital Management, highlighted the importance of investment. “This financing aligns with our focus on sustainability and supports the energy transition,” DeFazio said. He expressed excitement about collaborating with esVolta to help build a cleaner energy future.
The Hummingbird project demonstrates how large-scale energy storage can support growing renewable energy use. These systems address the intermittency issues of renewable sources like solar and wind, which don’t consistently produce power. By storing excess energy and releasing it when demand spikes, battery storage systems like Hummingbird help balance supply and demand.
Energy storage plays a crucial role in the energy transition as grids integrate more renewable power. Projects like Hummingbird enhance grid flexibility and reliability, ensuring power delivery when needed, even during renewable energy lulls. By reducing reliance on fossil fuel-based backup plants, energy storage also cuts emissions and supports climate goals.
esVolta’s focus on energy storage contributes to modernising the U.S. power grid. As infrastructure ages and demand for clean energy rises, grid modernisation has become a priority. Energy storage systems like Hummingbird enable better integration of renewable energy and strengthen grid stability.
As the U.S. works toward ambitious renewable energy targets, projects like Hummingbird will play a vital role in ensuring the grid can handle increased clean energy while maintaining reliability for consumers and operators. The partnership between esVolta and Greenprint Capital emphasises the critical role of energy storage investment in advancing the energy transition and updating infrastructure.
In conclusion, esVolta’s $110 million financing for the Hummingbird project marks a significant step toward supporting California’s grid and renewable energy goals. The project reinforces the essential role of energy storage in driving the U.S. energy transition and modernising the power grid.