JBB Advanced Technologies Announces Letter of Intent to Purchase Proteus Power

DALLAS, Oct. 3, 2024 /PRNewswire/ -- JBB Advanced Technologies (www.jbbat.com, JBBAT) Founder, Chairman, and CEO, John B. Billingsley, who launched one of the nation's largest renewable energy companies, Tri Global Energy, has signed an exclusive letter of intent to purchase Houston-based Proteus Power (www.proteus-power.com), an international developer of utility-scale renewable energy, for an undisclosed amount.

Proteus Power incorporates a total of 15.5 GW of utility-scale renewable energy projects, including utility-scale solar and battery energy storage systems (BESS). From 2024-2028, nearly 5 GW of both utility-scale solar and battery energy storage should be developed at an estimated EPC (Engineering, Procurement, and Construction) cost of $3.382 billion. Proteus Power projects include multiple ISOs (independent system operators): ERCOT West, ERCOT Houston, ERCOT North, ERCOT South, Miso LA/MS, Miso Illinois, Miso Texas, and SPP South. 

"I know the potential of renewable energy, both for our country and for the small landowners and communities we work with," said Billingsley. "Proteus Power is just the type of company I have known and grown in the past, and we're perfectly positioned to make it a very profitable company for our investors. In the near term, this very substantial business will provide a multi-billion-dollar boost to the Texas economy, from Lubbock to Midland, across West Texas and down to the Gulf Coast."

The transaction is subject to, among other things, the finalization of a definitive, binding agreement and completion of satisfactory due diligence. Pending the final acquisition (expected Q4 2024), the Proteus Power headquarters in Houston will move to JBB Advanced Technologies' headquarters in Carrollton, Texas, with all current employees being retained, and a branch office is planned to be located in Lubbock, Texas.

Proteus Power was formed in 2021 by industry veterans to develop renewable energy projects across the United States and Canada in order to help accelerate the transition to a cleaner and more sustainable energy future. The company's expertise covers the development, financing, construction, and operation of utility-scale renewable energy projects with a specific focus on solar and battery storage.

"The Proteus Power development team is clearly among the best in the renewable industry today," Billingsley said. "The company has thrived under the leadership of Chief Development Officer Dan Phillips, and we at JBBAT are fortunate to inherit such a strong team to work with us as we move forward to jump back in the energy transition."

ABOUT JBB ADVANCED TECHNOLOGIES

JBB Advanced Technologies, a Dallas-based holding company. invests in disruptive businesses, including those in clean renewable energy, blockchain, artificial intelligence, and next-generation real estate. Through our Research and Development Division, we are developing blockchain-based solutions for today's world, including one to integrate ever-increasing amounts of solar energy seamlessly into our electric grid for greater robustness and resiliency. The company's renewable energy division develops and deploys clean, affordable solar energy systems to commercial concerns. The company also continues to cultivate a pipeline of acquisition and partnership opportunities in both the private and public sectors to catapult growth with a focus on technology innovation from many diverse industries.

Media Contact:
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SOURCE JBB Advanced Technologies