Spearmint Energy
Spearmint Energy is a Miami-based battery energy storage system developer, owner, and operator focused on the ERCOT market, with 350 MW operational and over 15 GWh in development across 13 US states.
- Company typePrivate
- Founded2022
- HeadquartersMiami, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Spearmint Energy does
Spearmint Energy is a Miami, Florida-based battery energy storage system (BESS) developer, owner, operator, and optimizer founded in 2022 by Andrew Waranch. The company concentrates its activity in the ERCOT (Texas) market while maintaining a development pipeline across 13 US states totaling more than 15 GWh. With 51–100 employees and approximately $1.1 billion in cumulative project financing, Spearmint currently operates 350 MW/700 MWh of storage capacity anchored by the Revolution project in Crane County, West Texas (commercial operation since January 2024). Two additional Texas projects—Tierra Seca (100 MW/200 MWh) in Del Rio and Seven Flags (100 MW/200 MWh) in Laredo—are scheduled for late-December 2025 commercial operation, while the 300 MW/600 MWh Red Egret project in Texas City is under construction with a 2027 target COD.
The company's core technology stack centers on the Spearmint Renewable Energy Services (SRES) platform, which performs energy price, load, and renewable generation forecasting alongside battery dispatch optimization. Spearmint pairs this in-house optimization capability with a 1+ GWh battery supply partnership with Sungrow and has attracted Kyuden International as its first Japanese strategic equity investor. Capital markets activity has been substantial: a $200 million term loan from Elda River in July 2024, more than $250 million of project financing for Tierra Seca and Seven Flags in April 2025, a Kyuden equity investment in January 2026, an approximately $325 million expanded debt facility in June 2026, and a $450 million Red Egret financing in May 2026.
Spearmint operates a wholesale/merchant business model, capturing revenue from ERCOT energy markets through energy arbitrage, ancillary services, and capacity payments rather than through bilateral contracts with named end customers. This model exposes the firm to merchant price volatility but avoids single-customer concentration risk. Spearmint's data science organization is led by a Managing Director–Head of Data Science (PhD Physics, ex-Wartsila), and the SRES platform is also offered to third-party storage operators as a recurring asset management and revenue optimization service, layering a software/services revenue stream on top of the hardware pipeline.
Spearmint Energy firmographics
Firmographics- Name
- Spearmint Energy
- Legal name
- Spearmint Energy
- Website
- https://spearmintenergy.com
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Spearmint Energy is a Miami-based battery energy storage system developer, owner, and operator focused on the ERCOT market, with 350 MW operational and over 15 GWh in development across 13 US states.
- Ownership category
- akta.pro rank
Spearmint Energy industry classification
Industry- Product category
- 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 Market Participation & Trading Services (Ancillary/Capacity/Arbitrage) (EUAFAAAL), BESS Financing, Insurance & Contracting (Tax Equity, PPA/Tolling, Warranties) (EUAFAAAI), BESS Operations, Maintenance & Asset Performance Management (APM) (EUAFAAAG), Utility-Scale BESS EPC & Integration (EUAEAEAA)
Keywords
Where Spearmint Energy is headquartered
LocationHeadquarters
- HQ city
- Miami
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Spearmint Energy business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Personnel, Technology or R&D, Operations, Marketing or Sales
Revenue model
- BESS Asset Development & Ownership: Spearmint develops, owns, operates, and optimizes utility-scale battery energy storage systems. Revenue is generated from energy market participation in ERCOT (ancillary services, capacity, energy arbitrage). The company currently operates 350 MW/700 MWh in ERCOT with portfolio targeted to exceed 1.5 GWh.
- Asset Management & Revenue Optimization Services (SRES): Through Spearmint Renewable Energy Services IM, LLC (SRES), Spearmint provides asset management and revenue optimization services for grid-scale battery storage developers, leveraging in-house data science, fundamental research, and asset operations capabilities.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Quote-based, project-specific financing and asset management arrangements; no standardized pricing disclosed. |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels7 records
Spearmint Energy product offering
Product offeringCore offering
Spearmint Energy develops, owns, operates, and optimizes utility-scale battery energy storage systems (BESS) to reduce grid volatility and provide ancillary services, capacity, and energy arbitrage in wholesale power markets, primarily ERCOT. Through its SRES subsidiary, it also provides asset management and revenue optimization services to third-party grid-scale BESS developers, leveraging in-house data science, fundamental research, and proprietary dispatch software integrated with Sungrow PowerTitan 2.0 hardware.
Product overview
Spearmint Energy operates a single integrated business model — a battery energy storage system (BESS) development, ownership, operation, and optimization platform — rather than a packaged SaaS product with discrete modules. The portfolio is anchored by operating assets Revolution (150 MW/300 MWh, West Texas/Crane County, COD January 2024), Tierra Seca (100 MW/200 MWh, Del Rio, TX, COD late 2025), and Seven Flags (100 MW/200 MWh, Laredo, TX, COD late 2025), with Red Egret (300 MW/600 MWh, Texas City, TX) under construction for 2027 operation. Underpinning these projects, Spearmint Renewable Energy Services IM, LLC (SRES) provides an in-house asset management and revenue optimization service using data science, forecasting, and battery dispatch software that is also offered to third-party grid-scale BESS developers. All four named operating/under-construction projects are built by M.A. Mortenson Company using Sungrow's PowerTitan / PowerTitan 2.0 BESS hardware platform.
Differentiator
Problem solved
Functional benefit
Brands
- SRES (Spearmint Renewable Energy Services IM, LLC): Asset management and revenue optimization subsidiary providing in-house capabilities in data science, fundamental research, and asset operations for grid-scale battery storage developers, including Spearmint's own operating projects.
Products and services
- Revolution BESS Project 150 MW / 300 MWh standalone battery energy storage system in Crane County, West Texas, within the ERCOT market. Completed commercial operation in January 2024; one of the largest BESS projects in the United States. Designed to provide grid stability and integrate renewable energy in the ERCOT system.
- Tierra Seca BESS Project 100 MW / 200 MWh battery energy storage system in Del Rio, Texas (ERCOT market), constructed by Mortenson using Sungrow's PowerTitan 2.0 platform. Achieved commercial operation in late December 2025 and supported by equity investment from Kyuden International Corporation.
- Seven Flags BESS Project 100 MW / 200 MWh battery energy storage system in Laredo, Texas (ERCOT market), constructed by Mortenson using Sungrow's PowerTitan 2.0 platform. Achieved commercial operation in late December 2025 and supported by equity investment from Kyuden International Corporation.
- Red Egret BESS Project 300 MW / 600 MWh standalone battery energy storage system under construction in Texas City, Texas. Funded by approximately $450 million in financing (construction facility, ITC transfer, Nuveen preferred equity). Once operational in 2027, will push Spearmint's total operating battery capacity beyond 1.5 GWh. Fourth BESS built by M.A. Mortenson Company using Sungrow's PowerTitan platform for Spearmint.
- Spearmint Renewable Energy Services IM, LLC (SRES) Subsidiary providing asset management and revenue optimization services for grid-scale battery storage developers, including Spearmint's own operating projects. Uses in-house capabilities in data science, fundamental research, and asset operations to drive battery dispatch and market revenue capture.
- BESS Development and Optimization Platform Spearmint Energy's overarching capability of developing, owning, operating, and optimizing battery energy storage systems to reduce grid volatility and increase system resiliency. Combines innovative financial solutions with deep renewable energy development and AI-driven optimization, applied to a national portfolio spanning 13+ U.S. states with over 15 GWh under development.
Quantifiable outcome
- 350 MW / 700 MWh currently operating in ERCOT
- +4 more outcomes
Companies that use Spearmint Energy
Customer profileSegments4 records
Ideal customer profiles3 records
Spearmint Energy technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability4 records
Feature4 records
Spearmint Energy partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered flagship.
- SungrowflagshipSungrow Power Supply Co., Ltd. supplies its PowerTitan 2.0 BESS hardware platform for Spearmint's Texas projects, including Tierra Seca, Seven Flags, and Red Egret. The 2023 partnership was announced for more than 1 GWh of battery energy storage projects in Texas. Mortenson uses Sungrow's PowerTitan platform for construction of these Spearmint projects.
- M.A. Mortenson Company (Mortenson)flagshipM.A. Mortenson Company serves as the EPC contractor for Spearmint's BESS projects, including the Revolution, Tierra Seca, Seven Flags, and Red Egret projects in Texas. The Red Egret project is the fourth battery storage project built by Mortenson using Sungrow's PowerTitan platform for Spearmint.
Scale indicators15 records
Recent moves6 records
Expansion highlights5 records
Spearmint Energy competitors and assessment
Company assessmentDirect peers
- Fluence: Global grid-scale battery storage products, services, and digital/AI software provider (JV between Siemens and AES). Comparable in grid-scale BESS deployment and storage optimization software, though Fluence also sells hardware and software as a vendor rather than as an asset owner.
- Key Capture Energy: Standalone utility-scale battery storage developer/owner/operator with projects across multiple U.S. ISOs. Closely comparable to Spearmint in pure-play BESS strategy and project development/financing approach.
- Plus Power: Independent developer of standalone utility-scale battery energy storage projects across U.S. ISOs. Spearmint's optimization platform was originally built at Plus Power, and several Spearmint staff (including legal) joined from Plus Power, making it the closest direct peer in business model and ERCOT exposure.
- Arevon: U.S. renewable energy and energy storage developer (formerly 8minute Solar/REI development platform) with a multi-GW operating and pipeline portfolio including significant BESS. Directly comparable independent storage/renewables developer.
- Jupiter Power: Operator and developer of utility-scale battery energy storage systems with a multi-GW pipeline across U.S. markets. Directly comparable to Spearmint in asset class, scale, and independent IPP positioning without a captive utility balance sheet.
Emerging players
- Form Energy: Developer of multi-day long-duration iron-air battery storage technology. Overlaps thematically with Spearmint's BESS focus and IRA-supported storage thesis, but targets longer-duration applications with different hardware economics.
- Stem Inc. AI-driven clean energy software and services company focused on solar + storage optimization, with some grid-scale exposure. Comparable to Spearmint's SRES in the AI/storage optimization domain, though Stem's primary market is behind-the-meter and commercial/industrial.
Broad incumbents
- Vistra Corp: Large competitive power generator and retail electricity provider with significant Texas/ERCOT generation and growing battery storage portfolio. Competes with Spearmint in ERCOT storage but operates a much broader generation and retail platform.
- NextEra Energy Resources: Largest U.S. renewable energy and storage developer (subsidiary of NextEra Energy). Direct competitor for utility-scale BESS offtake, project sites, and capital, but with vastly larger balance sheet, rate-regulated parent, and broader portfolio.
- Invenergy: Large privately-held global developer, owner, and operator of renewable energy and storage projects. Overlaps with Spearmint in utility-scale BESS development but operates at much broader scale across wind, solar, and storage.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Spearmint Energy social profiles
Digital presenceSpearmint Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Spearmint Energy leadership team
Management profileNumber of profiles
Profiles15 records
Spearmint Energy subsidiaries and ownership
Company hierarchySubsidiaries2 records
Spearmint Energy funding detail
Funding detailFunding overview
Funding rounds11 records
Investors12 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Spearmint Energy M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Spearmint Energy
What does Spearmint Energy do?
Spearmint Energy develops, owns, operates, and optimizes utility-scale battery energy storage systems (BESS) to reduce grid volatility and provide ancillary services, capacity, and energy arbitrage in wholesale power markets, primarily ERCOT. Through its SRES subsidiary, it also provides asset management and revenue optimization services to third-party grid-scale BESS developers, leveraging in-house data science, fundamental research, and proprietary dispatch software integrated with Sungrow PowerTitan 2.0 hardware.
Is Spearmint Energy a public or private company?
Spearmint Energy is a private company. It is classified as venture growth investor backed and is currently operating.
When was Spearmint Energy founded?
Spearmint Energy was founded in 2022. It employs 51 to 100 people.
Where is Spearmint Energy based?
Spearmint Energy is headquartered in Miami, United States, in the North America region.
How does Spearmint Energy make money?
Two revenue lines are on record. BESS Asset Development & Ownership is the primary driver. The others are asset Management & Revenue Optimization Services (SRES).
Who are Spearmint Energy's main competitors?
Direct peers on record are Fluence, Key Capture Energy, Plus Power, Arevon and Jupiter Power. Emerging players are Form Energy and Stem Inc.. Broad incumbents are Vistra Corp, NextEra Energy Resources and Invenergy.
Does Spearmint Energy have an API?
No public API is recorded for Spearmint Energy.
What industry is Spearmint Energy in?
Spearmint Energy's product category is Battery Energy Storage. Its primary akta.pro industry code is EUAFAAAA, Utility-Scale BESS Project Development & Ownership (IPP/Developer), with a secondary code of EUAFAAAL, BESS Market Participation & Trading Services (Ancillary/Capacity/Arbitrage). Its NAICS code is 2211 and its SIC code is 4911.