Name

Elevate Renewables

Legal name

Elevate Infrastructure

Website

https://elevaterenewables.com

Company type

Private

Founded year

2022

Operating status

Operating

Ownership category

akta.pro rank

Product category

Utility-Scale Battery Energy Storage

NAICS

Other Electric Power Generation (221118), 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

Utility-Scale BESS EPC & Integration (EUAEAEAA), Utility-Scale Power Generation Asset Management (EUAEAMAA)

Keywords

• Utility-scale battery storage
• Energy storage development
• Grid reliability services
• Renewable energy integration
• Battery storage operations

Headquarters

HQ city

East Boston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Battery Storage Project Development and Ownership: Elevate develops, owns, and operates large-scale battery storage facilities. Revenue is generated through long-term power purchase agreements (PPAs) with utilities and corporate offtakers, delivering dispatchable energy capacity to the grid on a contracted basis.
2. Solar-Plus-Storage for Data Centers: Large-scale solar and battery storage projects contracted to power data centers, generating recurring revenue under multi-year offtake agreements.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Elevate Renewables develops, owns, and operates utility-scale battery energy storage systems (BESS) and hybrid solar-plus-storage assets in the United States. The company delivers dispatchable energy capacity to the grid under long-term (typically 15-year) power purchase agreements with investment-grade counterparties such as utilities and hyperscale data centers. It currently operates and develops large-scale projects across 9 U.S. states, with 12 GWh in development and 630 MWh expected in operation by 2026.

Product overview

Elevate Renewables develops, owns, and operates large-scale battery storage facilities that make the modern grid work by capturing energy when abundant and delivering it when needed. The company operates two core battery storage projects: Prospect Power Storage (150 MW/600 MWh in Virginia, near Data Center Alley) and the Garden State Reliability Project (150 MW in New Jersey), both serving grid reliability and power demand needs.

Differentiator

Problem solved

Functional benefit

Products and services

• Prospect Power Storage A 150 MW/600 MWh standalone battery energy storage facility located in Timberville, Rockingham County, Virginia, near Northern Virginia's Data Center Alley. It is the largest standalone battery storage project in the PJM region and dispatches power to 100,000 Virginia homes under a long-term offtake agreement with Dominion Energy, providing grid reliability, peak demand management, and renewable integration services.
• Garden State Reliability Project A 150 MW battery storage facility sited at the Bergen Generating Station in New Jersey, selected by the New Jersey Board of Public Utilities to enhance regional grid reliability and support affordability. The project will power over 100,000 homes and supports New Jersey's statutory goal of deploying 2,000 MW of energy storage by 2030.

Quantifiable outcome

• Prospect Power Storage dispatches power to 100,000 Virginia homes and is the largest standalone battery storage project in the PJM grid region.
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• New Jersey Board of Public Utilities (BPU)coreOthers · 1 March 2026The New Jersey BPU selected Elevate Renewables' Garden State Reliability Project (150 MW battery storage at Bergen Generating Station) to enhance regional grid reliability and affordability. The project is part of New Jersey's state mandate to deploy 2,000 MW of energy storage by 2030.
• Swift Current EnergycoreStrategic or Co-development Partner · 15 January 2026Elevate Renewables acquired the 150 MW/600 MWh Prospect Power Storage project from Swift Current Energy. The project is under construction in Rockingham County, Virginia, with commercial operation expected mid-2026 under a 15-year power purchase agreement with Dominion Energy. Swift Current Energy had previously secured $242 million in project financing from Truist Securities, CIBC, KeyBank, and Natixis for the project.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Hecate Energy: Hecate Energy is a U.S. developer of utility-scale solar, wind, and battery energy storage projects with a significant PJM development pipeline. Direct peer competing for PJM/Northeast sites and utility PPAs with a similar vertically integrated developer/owner-operator model.
• Plus Power: Plus Power develops, owns, and operates utility-scale standalone battery energy storage projects across the U.S., including flagship projects in ERCOT and PJM. Closest direct peer to Elevate, competing for the same utility PPAs, offtake RFPs, and PJM/Northeast development sites.
• Jupiter Power: Jupiter Power is a developer, owner, and operator of utility-scale battery storage assets in the U.S., with a project portfolio spanning ERCOT, PJM, and other ISOs. Direct competitor for utility off-take agreements and PJM development sites with a similar institutional-sponsor-backed model.
• Fluence Energy: Fluence is a leading global BESS technology provider and project developer/integrator, supplying grid-scale storage solutions to utilities, developers, and IPPs. Comparable as both a project competitor and the likely hardware/EMS supplier to Elevate's projects.
• Key Capture Energy: Key Capture Energy develops, owns, and operates standalone utility-scale battery energy storage projects, primarily in PJM, ERCOT, and the Northeast. Direct peer competing in the same geographies and on the same standalone-BESS RFPs as Elevate.

Others

• Swift Current Energy: Swift Current Energy is a U.S. utility-scale solar and battery storage developer. Comparable in product (utility-scale solar-plus-storage) and a known counterparty to Elevate, as Elevate acquired the Prospect Power Storage project from Swift Current Energy.

Emerging players

• Eos Energy Enterprises: Eos Energy Enterprises manufactures and deploys long-duration zinc-based battery storage systems for utility and commercial applications. Adjacent peer operating in the same utility-scale BESS market, with a focus on long-duration and front-of-meter applications.
• Form Energy: Form Energy is developing multi-day, iron-air battery storage technology for utility-scale applications with multiple utility offtake agreements. Comparable in mission (utility-scale storage for grid reliability) and customer base, though differentiated by long-duration technology focus.

Broad incumbents

• Clearway Energy: Clearway Energy is a publicly traded yieldco owning and operating a diversified portfolio of renewable and conventional generation and utility-scale storage assets in the U.S. Comparable as a larger incumbent IPP/owner-operator with existing storage and PPA capabilities that compete for the same utility offtake RFPs.
• Vistra Corp: Vistra is one of the largest U.S. independent power producers and retail electricity providers, with a rapidly growing portfolio of utility-scale battery storage assets in PJM, ERCOT, and CAISO. A broad incumbent with materially more capital and dispatchable capacity competing for the same storage opportunities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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 Elevate Renewables