Partners advance FTM energy storage project in New York
Energy storage services provider Stem Inc. said it will provide smart energy storage services to NineDot Energy, a cleantech developer that designs and deploys community distributed energy generation and storage projects.
The projects include six front-of-the-meter (FTM) standalone energy storage sites in Staten Island, New York, that represent more than 110 MWh. The portfolio is expected to be completed by May 2023 and is slated to take part in New York’s Value of Distributed Energy Resources (VDER) program. NineDot will develop the energy storage sites, own the assets, and monetize the VDER credits.
Besides procuring the storage hardware, Stem said it will use its Athena smart energy software to optimize VDER credits and other incentive programs to help generate additional project revenues, achieve incentive and warranty compliance, and provide a platform for NineDot to monitor the portfolio.
Private equity firm Caryle said earlier in January that it would invest around $100 million in NineDot to build and operate energy storage sites in New York. New York recently announced plans to double its energy storage target to 6,000 MW by 2030.
Carlyle’s investment is intended to enable NineDot to execute on its pipeline of battery storage projects in and around New York City, including the boroughs of Queens, Staten Island, and the Bronx, as well as Long Island.
In September, electric mobility company Revel, NineDot Energy, and vehicle-to-everything technology services provider Fermata Energy said they planned to test vehicle to grid (V2G) technology and operations with a pilot project in Brooklyn, New York. The pilot will include three DC chargers that will export nearly 50 kW to the grid. The project will use Fermata Energy’s bidirectional charging stations and software to return the energy stored in an EV back to the electric grid. Power is expected to start in the spring.
The partners aim to integrate V2G technology, stationary storage, smart charging, and demand response at so-called Superhubs. After gaining operational know-how in a real-world setting, Revel and NineDot Energy aim to scale the V2G program around New York City.