- JBB Advanced Technologies signs an exclusive letter of intent to acquire Proteus Power, adding 15.5 GW of renewable energy projects to its portfolio.
- The acquisition will boost JBB’s solar and battery storage capacities, with nearly 5 GW of projects planned between 2024 and 2028.
- JBB plans to relocate Proteus Power’s headquarters from Houston to Carrollton, Texas, and open a new office in Lubbock to manage assets across the state.
JBB Advanced Technologies, led by CEO John B. Billingsley, has signed an exclusive letter of intent to acquire Proteus Power, a global developer of renewable energy projects. Although the financial terms remain undisclosed, this acquisition will significantly boost JBB’s solar and energy storage portfolio.
Founded in 2021 and based in Houston, Proteus Power manages a 15.5 GW portfolio focused on large-scale solar projects and battery energy storage systems (BESS). The company plans to develop nearly 5 GW between 2024 and 2028, with an estimated $3.382 billion in engineering, procurement, and construction (EPC) costs. These projects will span US regions, including ERCOT West, ERCOT Houston, and MISO Texas.
JBB Advanced Technologies intends to use this acquisition to strengthen its Texas renewable energy market presence. Upon finalising the deal, Proteus Power will move its headquarters from Houston to JBB’s base in Carrollton, Texas. JBB will also establish a new office in Lubbock to oversee these assets.
Billingsley emphasises the economic benefits this move brings to Texas. The renewable energy projects, stretching from Lubbock to Midland and the Gulf Coast, promise to generate jobs and stimulate local economies. “Renewable energy drives clean energy growth while powering economic development, especially for small communities and landowners,” Billingsley says.
Proteus Power, under the leadership of Chief Development Officer Dan Phillips, has earned a strong reputation in the industry. Its team brings expertise across all stages of development, from design to commercial operations. Billingsley expresses enthusiasm about incorporating this skilled team into JBB Advanced Technologies. “The energy transition needs capable, committed teams, and we’re eager to bring them on board,” he says.
JBB expects to finalise the acquisition by the end of the fourth quarter of 2024, pending due diligence and a definitive agreement. This move will position JBB Advanced Technologies as a leader in the US energy transition. By integrating Proteus Power, JBB aims to scale its operations quickly and enhance its growth trajectory, all while contributing to the national shift toward clean energy.
This acquisition marks a crucial step in JBB Advanced Technologies’ expansion strategy in the renewable energy sector. Focusing on increasing its solar and storage capacity, the company seeks to capitalise on the growing demand for sustainable energy solutions. Both companies’ combined assets and expertise will allow JBB to deliver large-scale renewable projects more effectively and contribute to the global clean energy transition.
JBB Advanced Technologies continues to make bold moves to solidify its role as a leading renewable energy player while also driving economic growth and innovation across Texas and beyond. The acquisition of Proteus Power highlights the company’s commitment to shaping the future of energy through sustainable, large-scale projects.