Utility Grid–Scale Battery Storage
Goldman Sachs Asset & Wealth Management has invested
GridStor is addressing the issues caused by intermittent renewable energy supply with gridscale battery storage. Currently in the pilot stage of development, GridStor’s innovations are designed to support the transition away from fossil fuels toward a cleaner electricity grid and low-carbon future. GridStor’s sustainability framework applies across the platform and includes ESG data collection to provide aggregated sustainability reporting.
GridStor is currently constructing the Goleta Reliability Project, a 60 MWh battery project near Santa Barbara, CA, which aims to be operational in Q3 2023. It also acquired a portfolio of in-development battery storage projects in the Los Angeles area, from Upstream Energy, potentially totaling approximately 500 MW/2,000 MWh in Q4 2024.1 The projects are expected to come online between 2024 and 2026. The units are located in urban areas near existing power lines and substations. Once online, they will provide capacity to utilities in the state to ensure power grid reliability that can support an increase in renewable energy penetration. In May 2022, California achieved the milestone of a 100% renewables-powered grid for periods of the day. GridStor’s technology will help make that a more common occurrence.