November 1, 2022

GridStor

Portland-based GridStor, a developer and operator of grid-scale battery energy storage systems, announced the acquisition of a portfolio of storage projects currently in development in the greater Los Angeles area from Upstream Energy of San Diego. The portfolio consists of multiple projects, with proposed on-line dates between 2024 to 2026. The projects will be going online in an important time for California's transition to clean energy, as the state works toward a carbon free electricity system by 2045. The battery storage projects will be built on previously disturbed sites in urban areas in the LA basin area near existing power lines and substations, allowing the batteries to quickly connect to the electric grid upon completion. Once online, the projects will provide needed capacity for regional utilities to ensure power grid reliability and will be key to the increasing volumes of renewable energy being added to the state's electric grid and managed by California's Independent System Operator. GridStor was established to build the infrastructure needed to transition the electricity grid toward a renewable, low-carbon future. GridStor is backed by the Sustainability and Infrastructure Investing groups within Goldman Sachs Asset Management. GridStor has assembled a team of experienced professionals with over 125 years of combined energy experience to develop, design, construct and operate battery storage systems at scale.