Invenergy and Xtreme Power Announce Joint Energy Storage Project For PJM Frequency Regulation Market
CHICAGO and AUSTIN, Texas, Dec. 18, 2012 /PRNewswire/ -- Invenergy LLC, a Chicago-based leading clean energy generation company, and Xtreme Power, a world leader in real-time power management and energy storage solutions, today announced the launch of their joint venture to deploy a fast-acting energy storage system in Illinois.
The energy storage installation, located at Invenergy's Grand Ridge Wind project site in La Salle County, will supply clean, renewable power to the new frequency response market administered by regional transmission organization PJM. Efficient frequency regulation is vital for PJM's grid reliability.
Xtreme Power's 1.5 MW Regulation Power Management™ (RPM) is a versatile, scalable asset which will ultimately utilize long-life lithium-titanate battery technology and an AGC signal to harness full four-quadrant power in less than one second. Such instantaneous energy delivery will enable Invenergy to help balance supply and demand in the PJM market.
"With the wind industry developing innovative solutions for the future, we're excited to lead the way by investing in cutting-edge storage technology for grid stability," said Jim Shield, Chief Development Officer at Invenergy, North America's largest independent wind power generation company. "As we continue to expand our clean energy portfolio, this battery system complements our Grand Ridge Wind facility. Invenergy is pleased to work with Xtreme Power on this project."
This project marks Xtreme Power's fourteenth installation and will add to the company's ~77 MW project portfolio, when it begins operation in December. Xtreme Power's operational experience is unmatched in the energy storage industry, serving more than eleven customers and remotely monitoring over 120,000 hours of operations.
"We are thrilled to add Invenergy to our growing list of marquee customers in the electric utility industry, and proud to launch this joint fast-acting frequency regulation project," said Alan Gotcher, Chief Executive Officer of Xtreme Power. "Furthermore, we're excited to add new battery chemistry to our product offering, which, in this case, deploys lithium-titanate. The chemistry's performance characteristics match perfectly with the needs of this new market."
About Xtreme Power
Founded in November 2004, Xtreme Power designs, engineers, installs, and monitors integrated energy storage and power management systems for Independent Power Producers, Transmission and Distribution Utilities, and Commercial & Industrial End Users, among others. Xtreme Power's technology delivers on its promise to solve complex grid challenges and our customers rely upon our staff of over 100 power systems engineers and professionals to design and implement a solution specific to each customer's need.
Xtreme Power is a privately held company and has raised in excess of $80 million since its founding. Current investors include SAIL Capital Partners, Bessemer Venture Partners, The Dow Chemical Company, BP and Fluor, among others. These multimillion-dollar investments have yielded tremendous growth and accolades, including the following: Bloomberg 2012 New Energy Pioneer Award, R&D 100 Award, one of 4,000 companies selected for the Global Cleantech 100 Award, and most recently honored by Inc. Magazine as the 15th fastest growing company in the nation. For more information, please visit http://www.xtremepower.com.
Invenergy and its affiliated companies develop, own and operate large-scale renewable and other clean energy generation facilities in North America and Europe. Invenergy is committed to clean power alternatives and continued innovation in electricity generation. Invenergy's home office is located in Chicago and it has regional development offices throughout the United States, and in Canada and Europe.
The nation's largest independent wind power generation company, Invenergy and its affiliated companies currently have 6,600 MW of wind, solar, and thermal projects under contract, in construction, or in operation. For more information, please visit www.invenergyllc.com.
SOURCE Xtreme Power