PEC's projects represent various battery energy storage solutions that have been applied for, built, and/or run across the United States. Below are a few exciting new projects that we've chosen to highlight from our portfolio.
PEC has executed a non-binding term sheet for an option to purchase the development rights from New Jersey Energy Storage Project One, LLC for a 20 MW battery energy storage (BESS) project located in Bloomsbury, NJ. The system will be used to provide frequency regulation services to PJM Interconnection. Under the option agreement, PEC must enter into a definitive agreement with Project One in December 2017, unless the parties extend the timeframe, provide funding of certain start-up costs related to the project, enter into a mutually acceptable lease agreement with the property owner. As presently contemplated, the project will utilize lithium ion battery technology. The project is anticipated to start in late 2018 or early 2019 once interconnection and all government approvals are obtained. PEC is presently working with its financial advisor partners and project partners to fully fund the project.