Elevate Renewables, a Boston-based energy storage company, announced on January 15 that it has acquired the Prospect Power battery storage project. The project, located in Rockingham County, Virginia, near an area known as "Data Center Alley," is described as the largest standalone battery storage facility in the PJM Interconnection grid region.
The 150-megawatt, 600-megawatt-hour installation is currently under construction and is expected to enter commercial operation this summer. A 15-year power purchase agreement with Dominion Energy Virginia is in place for the project.
Company officials stated on Thursday that Prospect Power is positioned as an essential energy resource for the Mid-Atlantic region. They said it will support power grid reliability and help meet rapidly growing electricity demand in the area.
Elevate's CEO, Joshua Rogol, told POWER magazine that Virginia continues to see the bulk of load growth in PJM as the largest data center cluster in the United States. "Record capacity prices in PJM highlight a supply-demand imbalance, making battery storage an essential part of a comprehensive approach required to meet the growing needs for data centers and AI, industrial growth, and electrification," Rogol said.
"The acquisition of Prospect Power underscores our commitment to building the energy infrastructure required to ensure continuous power for data centers," Rogol added. "With its scale and strategic location within PJM, this project exemplifies the critical investments we are making to support the increased need for grid reliability and sustainability driven by growing power demand."
The company stated that adding Prospect Power to its portfolio continues its strategy of partnering with energy developers to scale battery storage and deliver reliable power across PJM and other high-growth U.S. power markets.
Rogol also mentioned that Elevate is developing a portfolio of battery energy storage assets across PJM. He said the company uses a strategy of co-locating battery storage with existing thermal generation to accelerate market entry. "Additionally, with our co-location approach, we are siting BESS in industrial locations well suited for power plants, with cost efficiencies leading to a strong competitive differentiation," Rogol stated.
He noted that PJM is experiencing accelerating demand driven by artificial intelligence, data center growth, and electrification. "Prospect Power will provide the fast-responding, flexible capacity needed to manage peak loads and improve overall grid performance," Rogol said.