Delorean Power LLC (Delorean), an energy storage project developer, owner and operator, and Holden Municipal Light Department (HMLD), a municipally-owned utility, announced today (Oct 12) a new battery energy storage facility that will drive impactful cost savings and establish HMLD among the energy technology leaders in New England. The project will be located in the town of Holden and will be owned and operated by Delorean to serve HMLD and its customers.
The 5 megawatt (MW)/22 megawatt-hour (MWh) energy storage facility will provide HMLD customers with protection on from fast-rising capacity and transmission costs that batteries are ideally suited to mitigate. The project, expected to be opera onal in October 2024, will utilize energy to charge during low-cost, off-peak hours which traditionally are the least carbon intensive, and then discharge during peak demand periods, replacing higher costs and higher emitting generation resources. The resulting shift in energy demand from on-peak to off-peak hours will lead to significant cost and environmental benefits for the customers of the Holden Municipal Light Department.
Delorean will leverage its industry-leading analytics, finance, operations, and engineering experience to own and operate the project. "We are excited to partner with HMLD on an innovative project that brings Holden to the forefront of one of the fastest growing and most fundamental sectors of tomorrow's energy industry," said Rory Jones, Delorean Co-Founder and Managing Partner. "Delorean was founded to optimize grid-scale energy storage technology, creaing a dynamic revenue stack to extract the most value from our battery systems and pass along proceeds and benefits to our partners. HMLD has been a great partner, working hand in hand with our team to ensure the most impactful project and cost savings for Holden."
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