Plus Power

What Plus Power does

Plus Power is a Houston, Texas-based developer, owner, and operator of utility-scale standalone battery energy storage systems (BESS), founded in 2018 and operating since 2021. The company's product is a portfolio of grid-forming, lithium-ion battery storage projects — each individually named, sited, and interconnected to a specific ISO/RTO market — that deliver capacity, energy, and ancillary services such as frequency regulation, voltage support, fast-frequency response, and load shifting. As of 2026, Plus Power operates nine projects totaling 1,650 MW / 4,150 MWh across Arizona, Hawaii, Massachusetts, Maine, and Texas, and reports an 11+ GW development pipeline across 20+ U.S. states. Its claimed technical differentiator is being the first grid-forming standalone BESS at scale in the world, with a stated 250-millisecond response capability that allows assets to act as resources of last resort in wholesale markets during scarcity events.

The business model combines long-dated contracted revenue with merchant market participation. Long-term revenue is anchored by 20-year Energy Storage Agreements and tolling contracts with creditworthy utilities, including the Tennessee Valley Authority (200 MW / 800 MWh Crawfish Creek in Alabama), Salt River Project (Sierra Estrella and Superstition in Arizona), Hawaiian Electric Company (Kapolei Energy Storage in Hawaii), and Public Service Company of New Mexico (Corazon in New Mexico). Merchant revenues are earned by dispatching operating assets into deregulated wholesale markets operated by ERCOT, ISO-NE, CAISO, PJM, NYISO, and MISO, capturing energy arbitrage and ancillary-services revenue under fully merchant or hybrid configurations. Underlying the portfolio is a proprietary in-house digital platform for market analytics, asset optimization, and dispatch automation, plus fully integrated in-house capabilities across greenfield development, transmission/interconnection analysis, origination, finance, EPC, and asset operations.

Plus Power is privately held following a $1.5 billion leveraged buyout by OMERS Private Equity in January 2024, and the company's finance team has raised more than $3 billion cumulatively across debt, tax equity, ITC transfer, and cash equity. The company holds a 6.5 GWh secured battery supply position that supports its development pipeline, and it serves a customer base that includes investor-owned utilities (HECO, PNM), public power utilities (TVA, SRP), ISO/RTO wholesale markets, and adjacent industrial and data center loads (e.g., Prime Data Center next to Sierra Estrella). Recent corporate milestones include commissioning Cross Town in Maine (Feb 2026) and Cranberry Point in Massachusetts (May 2025), the two largest standalone BESS facilities in New England, and signing the 20-year TVA agreement for Crawfish Creek in April 2026.

Name

Plus Power

Legal name

Plus Power, LLC

Website

https://pluspower.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

101–250 employees

Short description

Plus Power develops, owns, and operates utility-scale standalone battery energy storage systems across 20+ U.S. states, serving utilities such as TVA, SRP, HECO, and PNM via 20-year contracts and dispatching merchant assets into ERCOT, ISO-NE, CAISO, PJM, NYISO, and MISO wholesale markets.

Ownership category

akta.pro rank

Product category

Utility-Scale Battery Energy Storage

NAICS

Electric Power Generation, Transmission and Distribution (2211), Electric Power Generation (22111)

SIC

Electric Services (4911)

akta.pro primary industry

Utility-Scale BESS Project Development & Ownership (IPP/Developer) (EUAFAAAA)

akta.pro secondary industries

BESS Operations, Maintenance & Asset Performance Management (APM) (EUAFAAAG), BESS EPC, Integration & Commissioning (EUAFAAAB), BESS Financing, Insurance & Contracting (Tax Equity, PPA/Tolling, Warranties) (EUAFAAAI), BESS OEMs (Containerized Systems, Racks, Turnkey Solutions) (EUAFAAAC)

Keywords

• Battery energy storage
• Utility-scale storage
• Grid-forming storage
• Grid ancillary services
• Merchant energy storage

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices12 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Long-dated utility Energy Storage Agreements (ESAs) / tolling agreements: Project-specific long-term contracts (e.g., 20-year ESAs with TVA, 20-year contracts with SRP and PNM, full toll agreements) that pay Plus Power a fixed capacity-style payment for delivering grid services, capacity, and stored energy over multi-decade horizons.
2. Merchant / wholesale market revenues in ISO/RTO markets: Participation in deregulated wholesale markets (ERCOT, ISO-NE, CAISO, PJM, NYISO, MISO) via energy arbitrage (charging during low demand, discharging during peak) and ancillary services such as frequency regulation, voltage support, and fast-frequency response. Plus Power structures projects across a spectrum from fully merchant to full toll agreements.
3. Ancillary services revenue: Grid-forming ancillary services, load shifting, fast-frequency response, and capacity provision in wholesale markets — sold as dispatchable grid services that substitute for conventional power plant services.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels8 records

Core offering

Plus Power develops, owns, and operates standalone utility-scale battery energy storage systems (BESS) that provide grid-forming ancillary services, capacity, and energy shifting to electric utilities and ISO/RTO wholesale markets. Each project is structured as a named, multi-hundred-MW battery facility tailored to a specific U.S. market, with revenue earned through long-term Energy Storage Agreements, tolling agreements, or merchant market dispatch.

Product overview

Plus Power is a single-platform developer, owner, and operator of standalone utility-scale battery energy storage system (BESS) projects across more than 20 U.S. states, with 11+ GW in development and 1,650 MW / 4,150 MWh operating. Its product architecture is a portfolio of named, grid-forming standalone battery storage projects — each tailored to a specific U.S. market and ISO/RTO (ERCOT, ISO-NE, WECC, PJM, NYISO) — rather than a SaaS product. Operating facilities include Kapolei (KES) in Hawaii, Sierra Estrella and Superstition in Arizona, Rodeo Ranch, Gambit, Anemoi, and Ebony in Texas, Cross Town in Maine, and Cranberry Point in Massachusetts; recently announced/contracted projects include Corazon in New Mexico and Crawfish Creek in Alabama (TVA). Earlier-developed projects Bat Cave and North Fork were sold to Broad Reach Power in 2020. Underlying these projects is a proprietary digital platform that supports market analysis, asset performance optimization, dispatch automation, and risk management, supported by in-house greenfield development, transmission/interconnection analysis, origination, finance, EPC, and asset operations capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Kapolei Energy Storage (KES) Standalone battery energy storage facility in Kapolei, O'ahu, Hawaii providing load shifting and fast-frequency response services to Hawaiian Electric Company. Supports military installations and facilitates retirement of Hawaii's last coal plant.
• Sierra Estrella Energy Storage Standalone battery energy storage facility in Avondale, Arizona interconnecting adjacent to the 230kV bus of the Rudd substation, providing enhanced grid reliability to SRP and directly supporting the adjacent Prime Data Center campus.
• Superstition Energy Storage Standalone battery energy storage facility in Gilbert, Arizona providing capacity and energy services to the SRP electrical grid in southeast Phoenix.
• Rodeo Ranch Energy Storage Standalone battery energy storage project in Pecos, Texas contributing real-time energy and frequency-stabilizing services to the ERCOT market.
• Anemoi Energy Storage Standalone battery energy storage facility in Edinburg, Texas providing real-time energy and grid-stabilizing services to the ERCOT market.
• Ebony Energy Storage Lithium-ion battery energy storage facility in the San Antonio / Comal County, Texas area, operating as a merchant battery storage project in the ERCOT grid.
• Gambit Energy Storage Standalone lithium-ion battery energy storage project in Angleton, Texas delivering in milliseconds during record needs in the ERCOT market.
• Cross Town Energy Storage Landmark lithium-ion battery energy storage facility in Gorham, Maine using Sungrow PowerTitan batteries, helping bring upstate resources downstate and ease local grid congestion.
• Cranberry Point Energy Storage Groundbreaking lithium-ion battery energy storage facility in Carver, Massachusetts, replacing retiring generation and helping stabilize the grid during extreme weather.
• Corazon Energy Storage Standalone battery energy storage project in Albuquerque, New Mexico awarded a 20-year contract by Public Service Company of New Mexico, subject to regulatory approvals.
• Crawfish Creek Energy Storage 200 MW / 800 MWh standalone battery energy storage project in Jackson County, Alabama under a 20-year contract with the Tennessee Valley Authority, providing grid-forming capabilities to support advanced manufacturing, data centers, and industrial growth.

Quantifiable outcome

• 250 millisecond response capability — described as the fastest asset New England can rely on for capacity or grid services.
• +8 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature6 records

Partnerships

Seven partnerships are on record, tiered flagship / 20-year esa, core utility off-taker, core utility off-taker / flagship project, minor / historical asset buyer, core battery technology supplier and adjacent / off-take beneficiary.

• Tennessee Valley Authority (TVA)flagship / 20-year esaStrategic or Co-development Partner · 21 April 2026Plus Power signed a 20-year Energy Storage Agreement with TVA, the largest public energy provider in the United States, for the 200 MW / 800 MWh Crawfish Creek Energy Storage project in Jackson County, Alabama. Selected via a TVA Request for Proposal issued in early 2025, the standalone system provides capacity and grid-forming services.
• Public Service Company of New Mexico (PNM)core utility off-takerStrategic or Co-development Partner · 25 November 2024PNM awarded Plus Power a 20-year contract (subject to regulatory approval) for the 150 MW / 600 MWh Corazon Energy Storage project in Albuquerque, New Mexico, in response to PNM's 2026-2028 Generation Resources RFP issued in 2022; PNM filed for approval at the New Mexico PRC on November 22, 2024.
• Salt River Project (SRP)core utility off-takerStrategic or Co-development Partner · 27 October 2022SRP contracted Plus Power for two Arizona battery projects: the 250 MW / 1,000 MWh Sierra Estrella facility in Avondale (commercial operations June 2024) and the 90 MW / 360 MWh Superstition facility in Gilbert. Together they add 340 MW / 1,360 MWh of battery capacity to SRP's grid — equivalent to powering 76,000 homes for four hours.
• Hawaiian Electric Company (HECO)core utility off-taker / flagship projectStrategic or Co-development Partner · 18 September 2020Plus Power developed the 185 MW / 565 MWh Kapolei Energy Storage (KES) project on O'ahu, Hawaii under a PPA with Hawaiian Electric. KES is the first major standalone BESS in the state and was intended to help facilitate the retirement of Hawaii's last coal plant.
• Broad Reach Powerminor / historical asset buyerChannel Partner/ Reseller/ Distributor · 1 January 2020Broad Reach Power acquired Plus Power's developed-and-sold Texas projects Bat Cave (Mason County, 100 MW / 100 MWh) and North Fork (Williamson County) in 2020; both projects came online in 2021 and are now operating and owned by others.
• Sungrowcore battery technology supplierTechnology or IntegrationCross Town Energy Storage in Gorham, Maine uses Sungrow's PowerTitan batteries (175 MW / 350 MWh). Plus Power is described as a premier customer of global suppliers; this is one notable technology integration for an operational project.
• Prime Data Centeradjacent / off-take beneficiaryOthersThe Sierra Estrella facility in Avondale, Arizona, directly supports the incoming Prime Data Center campus located adjacent to the project, providing enhanced grid reliability and capacity for the data center's load.

Scale indicators13 records

Recent moves8 records

Expansion highlights7 records

Broad incumbents

• NextEra Energy Resources: Largest U.S. renewable energy developer and operator, with growing utility-scale storage portfolio across all major ISOs. Broad incumbent — NextEra alumni founded or lead Plus Power — that competes head-to-head in utility RFPs and project finance markets.
• Tesla Energy (Megapack): Tesla's utility-scale energy storage arm selling Megapack systems globally, including projects across ERCOT and ISO-NE. Broad incumbent offering BESS as part of a wider portfolio (vehicles, solar, storage), not specializing solely in standalone storage development.
• Invenergy: Large private developer, owner, and operator of wind, solar, and battery storage across the U.S. Broad incumbent that competes with Plus Power in standalone BESS RFPs and ERCOT/ISO-NE origination, though storage is one segment within a much larger generation portfolio.

Direct peers

• Fluence Energy: Public standalone battery energy storage developer and integrator with utility-scale projects across U.S. ISOs/RTOs. Direct competitor in the same product category, serving similar utility offtakers with grid-forming BESS solutions.
• Convergent Energy + Power: Independent developer and operator of utility-scale energy storage in North America. Direct peer offering behind-the-meter and front-of-meter storage solutions to utilities and commercial customers, including grid-forming services.
• Jupiter Power: Independent developer, owner, and operator of utility-scale standalone battery energy storage in U.S. markets. Direct peer developing, owning, and operating grid-scale BESS with utility offtake structures very similar to Plus Power's.
• Broad Reach Power: Houston-based utility-scale battery energy storage developer/operator that acquired Plus Power's developed-and-sold Bat Cave and North Fork projects in 2020. Direct competitor in ERCOT standalone BESS development.
• Key Capture Energy: Independent developer, owner, and operator of standalone utility-scale battery energy storage across U.S. wholesale markets. Direct peer in the same product category, with similar development pipeline scale and ISO/RTO coverage.

Emerging players

• Powin Energy: Battery energy storage system integrator and project developer serving utility-scale and C&I markets. Emerging player with partial overlap — provides both hardware and project development services that intersect with Plus Power's BESS focus.
• Stem Inc: AI-driven clean energy storage and software provider serving commercial, industrial, and utility customers. Adjacent peer with some overlap on utility-scale storage but with a stronger software/SaaS orientation and behind-the-meter heritage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/plus-power

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Plus Power