Hatch EQ I LLC and Jupiter Sign Largest Energy Storage Tolling Agreement in Texas

News provided by

Jun 15, 2023, 08:00 ET

AUSTIN, Texas, June 15, 2023 /PRNewswire/ -- Jupiter Power LLC ("Jupiter Power or Jupiter") and Hatch EQ I LLC ("Hatch EQ") have announced the execution of an innovative energy storage tolling agreement. Hatch EQ is a previously announced pioneering partnership between Hatch Renewables LLC ("Hatch"), backed by Ridgemont Equity Partners, and Equilibrium Energy, Inc ("Equilibrium"), a venture-backed startup. Jupiter Power is a leading stand-alone energy storage developer, owner and operator with more than 11,000MW in development across the U.S. and the largest battery fleet in ERCOT, comprised of 655MWh of battery energy story in operations, 720MWh in construction, and 2,600MW in development.

Under the terms of the tolling agreement, Hatch EQ will provide a fixed multi-year revenue stream to Jupiter in exchange for the right to dispatch and collect market revenues for Jupiter's 100-MWh Crossett I storage asset in West Texas, which began operations in 2022. Hatch EQ is committed to unlocking the immense potential of energy storage technology of projects like Crossett I to enhance power grid reliability and reduce carbon emissions.

"Hatch EQ is excited to partner with Jupiter on this groundbreaking tolling opportunity, which showcases Hatch EQ's commitment to advancing the deployment of energy storage assets," said James Murchison, CEO of Hatch Renewables. Equilibrium CEO, Ryan Hanley, said, "The use of Equilibrium's battery management approach, enabled by its cutting-edge AI and power systems-infused software, within Hatch EQ's tolling offering with a great partner like Jupiter furthers Equilibrium's mission of growing the clean energy economy. We couldn't be more excited about working with Jupiter."

"Jupiter is very pleased to have developed this innovative agreement with Hatch EQ. This new structure represents a major step forward in Jupiter's vision to both advance clean energy and strengthen grid reliability by growing the ways that firm dispatchable energy storage projects like Crossett I fit into the market" said Andy Bowman, CEO of Jupiter.

About Jupiter Power
Jupiter is a leading energy storage infrastructure platform with deep trading, analytics, development, finance, operations, and construction capabilities and unparalleled intellectual property in dispatch optimization. The company is developing more than 11,000MW of projects from California to Maine, and has offices in Austin and Houston, Texas, and Chicago, Illinois. For more information on Jupiter Power, LLC, please visit our Twitter, LinkedIn, or Facebook pages or visit www.jupiterpower.io.

About Hatch EQ I
Hatch EQ I is a partnership between Hatch Renewables LLC, a private-equity backed energy transition investor, and Equilibrium Energy, Inc, a venture-backed startup focused on integrating smart software, AI, and grid fundamentals with power market expertise. Committed to driving the energy transition, Hatch EQ I LLC aims to accelerate the deployment and integration of renewable energy technologies to create a more sustainable and resilient energy system.

About Equilibrium Energy
Equilibrium Energy is building a next-generation clean power company to accelerate our collective path to climate and energy equilibriums. Founded in 2021, Equilibrium operates at the intersection of cutting-edge AI, power systems fundamentals, modern software, power market expertise, commercial structuring, and risk management across the power value chain. Equilibrium is being built by experts with decades of experience in energy, science, and software. Equilibrium thrives on combining its experiences in holistic and novel ways in pursuing its climate impact ambitions. For additional information, please visit: www.equilibriumenergy.com.

About Hatch Renewables
Hatch Renewables was formed in 2022 in partnership with its financial sponsor, Ridgemont Equity Partners. Hatch is focused on growing the clean energy economy by investing in transition projects and assets that Hatch believes will generate attractive private equity returns. Some of the initial strategies Hatch is pursuing include utility-scale battery development and tolling opportunities, and the acquisition of renewable royalties. The Hatch team is made up of individuals with deep expertise in power asset optimization, solar development, and financial structuring. For additional information, please visit: www.hatchrenewables.com.

About Ridgemont Equity Partners
Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $6 billion. The firm focuses on equity investments up to $500 million and utilizes a proven, industry-focused investment approach and repeatable value creation strategies. For additional information, please visit: www.ridgemontep.com.

SOURCE Jupiter Power