GROTON, Mass., Nov. 08, 2023 (GLOBE NEWSWIRE) -- Delorean Power LLC (Delorean), a leading developer, owner, and operator of energy storage projects, along with Groton Electric Light Department (GELD), a municipally-owned utility, jointly unveiled today the introduction of two cutting-edge battery energy storage facilities. These facilities are set to deliver significant cost savings while positioning Groton as a leader in New England's energy technology landscape.
One project will be located at the GELD substation on Lowell Road and the other will be located on the grounds of the town’s newly constructed elementary school. The school project will also provide emergency backup power to the school complex which will be protected from severe weather and other grid-disruptive events without drawing on conventional diesel generators.
The energy storage systems will each be 2 megawatts/9 megawatt-hours and are expected to be operational in mid-2024. The batteries will charge during periods of lowest demand and discharge energy during expensive peak demand periods, relieving grid strain and limiting GELD’s exposure to expensive power. Notably, peak periods also represent the most carbon-intensive moments on the grid. By actively reducing energy consumption during these critical times, the projects will reduce GELD's carbon footprint and help the state achieve its ambitious clean energy goals.
Delorean will leverage its industry-leading analytics, finance, operations, and engineering experience to own and operate the projects. “We are excited to partner with GELD on these innovative projects that bring Groton to the forefront of one of the fastest growing and pivotal sectors of tomorrow’s energy industry,” said Rory Jones, Delorean Co-Founder and Managing Partner. “Delorean's mission is to amplify the benefits of grid-scale energy storage by creating a dynamic revenue stream that extends significant cost savings to our customers. GELD has been an incredibly forward-thinking and constructive partner, and together we are going to deliver major financial savings to the community of Groton in the range of ten million dollars."
GELD Manager Kevin Kelly looks forward to working with Delorean on these new innovative energy storage system projects. “These energy storage systems will help the Town and Groton ratepayers save money when power is the most expensive as well as lower the Town’s carbon footprint” stated Kelly. “We are eager to partner with Delorean on these projects and possible future projects”.
About Delorean Power
Delorean is a utility-scale energy storage project developer, owner, and operator with headquarters in Arlington, Virginia. Founded in 2019, Delorean is developing a diverse, multi-gigawatt pipeline of energy storage projects located throughout the U.S. With leading energy storage analytics, application design, finance, and development expertise, Delorean deploys dynamic, multi-use energy storage projects that maximize value for utilities and other partners. For more information, please visit www.deloreanpower.com.
About GELD
GELD is a small municipal utility, owned by the residents of the Town of Groton, Massachusetts. Since we are owned by our customers, all profits go back to the community through improvements to the system, better service, and lower rates. GELD’s mission is: to provide our customers reliable power and excellent customer service at affordable prices! For more information, please visit www.grotonelectric.org.
Contacts:
Laura Coriell
Delorean Power
Lauracoriell@deloreanpower.com
Kevin Kelly
Manager
Groton Electric Light Department
kpkelly@grotonelectric.org
