Stem, Inc. (STEM) announced four 9.9 megawatts standalone energy storage projects in Texas with REX Storage Holdings, LLC. REX is a joint venture between Regis Energy Partners LP, and Excelsior Energy Capital. The projects represent the first of a $400 million equity commitment by REX to acquire additional construction-ready projects from Regis' development pipeline within the Electric Reliability Council of Texas' territory. The four energy storage systems are currently under construction and are planned to come online in 2023.
John Carrington, CEO of Stem, said: "The energy storage market in Texas represents a significant growth opportunity for leading renewable energy investors like Excelsior who recognize the rich merchant revenue opportunities in the ERCOT market."
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