
esVolta Raises $243 Million for Texas Battery Energy Storage Projects
Utility-scale energy storage project developer esVolta, announced that it has secured equity investment for three projects in Texas. The funds, along with proceeds of the sale of investment tax credits, is expected to provide a total of $243 million in financing for the projects.
California-based esVolta was established in 2017. The company currently has a portfolio of operational and in-construction projects totalling about 1.5 gigawatt hours of storage capacity, with an active development pipeline of over 30 projects, totaling nearly 25 GWh of capacity.
The three projects are in the Electric Reliability Council of Texas (ERCOT) market, totalling nearly 1 GWh of capacity across the sites including Anole, Desert Willow, and Burksol. Each of these projects are currently in construction and are expected to reach commercial operations in the first half of 2025.
New York-based investment firm Captona LLC, a North America-focused infrastructure investment firm focused on decarbonization and energy transition, structured the deal for esVolta.
esVolta’s Chief Executive Officer, Randolph Mann, said:
“Having such a well-known and established company partner with esVolta is a testament to the team’s experience, ability, and track record in bringing high-value, safe, and reliable battery energy storage to the Texas grid.”
Energy storage solutions and infrastructure are emerging as a key energy transition investment area. Storage forms one of the major building blocks for the rapidly expanding clean energy transition, given the intermittent generating nature of many sources of renewable energy, such as wind and solar, and the need to satisfy round-the-clock energy demand, while ensuring that energy is not wasted.
Including this transaction, esVolta has raised nearly $900 million for its energy storage business in 2024. Analysts project that cumulative U.S. energy storage capacity could increase more than tenfold by 2030, driven by state decarbonization targets, expanding corporate demand, and declining costs. These investments in grid modernization and energy storage are critical to ensuring the reliability, resilience, and sustainability of the U.S. electric grid in the face of evolving energy demands and climate challenges, the company said.
esVolta’s Chief Financial Officer, Justin Johns, said:
“esVolta is leading the transformation of the electric grid. Focused on sustainability and innovation, we appreciate Captona’s partnership in this transaction, enabling us to continue delivering value for utilities, energy users, and investors alike.”