Spearmint Energy Acquires 150 MW Battery Energy Storage Project in ERCOT Power Market

Purchases One of the Largest Battery Projects in Texas from Con Edison Development

Marks Newly Launched, Next-Generation Renewable Energy Company’s Debut Transaction

During Time of Peak Demand for Flexible Generation Assets in ERCOT

Spearmint Energy a next-generation renewable energy company enabling the clean energy revolution through battery energy storage, announced that it has acquired a 150 MW battery energy storage project (the “Project” or “Revolution”) from Con Edison Development, a wholly-owned subsidiary of Con Edison Clean Energy Businesses.

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Located adjacent to the King Mountain Wind Farm in the Lower Colorado River Authority Territory, Revolution will provide much-needed battery energy storage assets to West Texas’ ERCOT market, which has recently experienced a sea change due to increases in natural gas prices and load growth from technology, weaker outlook for solar buildout, and higher industry-wide demand for renewable power. Revolution is the first project in Spearmint’s portfolio since the Company was launched in early 2022 and will efficiently provide clean, reliable energy to the grid upon development completion.

Andrew Waranch, Founder, President, and Chief Executive Officer of Spearmint, said, “We are pleased to call a project of this caliber – located not only next to one of the largest wind turbine developments in the U.S., but also a massive solar field – our first, as it demonstrates Spearmint’s commitment to helping solve the climate crisis by developing best-in-class solutions that store and release renewable energy to power the grid. It is clear to us that the rapidly growing demand for flexible generation assets in ERCOT is just getting started, and as such, we hope that by continuing to acquire projects like this one, we will help solve congestion issues across the state while empowering others to assist in our country’s clean energy buildout.”

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Richard Cardone, Chief Operating Officer of Spearmint, added, “We named this Project “Revolution,” because that’s exactly what battery energy storage represents – the start of a new future in renewable energy. Battery energy storage is a modern approach to solving the climate crisis that can increase grid resiliency and help to allow cleaner, lower cost renewable energy connect to the grid. We are thrilled to be a part of this positive change.”

Revolution, which is one of the largest batteries in the state of Texas, is anticipated to reach notice to begin operation in the second quarter of 2023.

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