Latest news with #Lightshift
Business Wire
31-07-2025
- Business
- Business Wire
Lightshift Energy and Wakefield Municipal Gas & Light Commission Energy Storage Microgrid to Keep Schools Powered During Outages
WAKEFIELD, Mass.--(BUSINESS WIRE)-- Lightshift Energy, in partnership with Wakefield Municipal Gas and Light Department (WMGLD) and the Massachusetts Municipal Wholesale Electric Company (MMWEC) today announced the commercial operation of a 5 megawatt (MW) battery energy storage system that will power two Wakefield high schools and operate as a resilient, grid-connected microgrid. Developed as part of WMGLD's Energy Park Project, the battery system is designed primarily to reduce peak demand on the grid, which is expected to save local customers $20 million over the life of the project. It will also provide backup power to Wakefield Memorial High School and Northeast Metropolitan Regional Vocational High School during outages. As New England's grid faces growing stress from demand and extreme weather, the project ensures the schools can remain powered and serve as community shelters during emergencies. The battery displaces the need for diesel backup generators and uses peak shaving revenue to support full electrification of both buildings, enabling clean and reliable heating and cooling year-round. 'Energy storage was our first choice when identifying a more cost-effective and renewable solution to power the schools, compared to diesel backup generators that would have cost $1.2 million per generator,' said Peter Dion, WMGLD's General Manager. 'We are incredibly grateful to have the entire town's support to deploy the Lightshift battery that will provide cleaner, cheaper, and more reliable electricity to our schools.' This is the third project in a broader Lightshift-MMWEC partnership to bring energy storage systems to many of the joint action agency's member utilities. The MMWEC program is estimated to provide more than $200 million in energy savings for residents across Massachusetts. 'This project is such a great example of the many ways energy storage strengthens the communities we partner with. We are bringing clean backup power to schools and supporting their electrification while also providing WMGLD customers with major, risk-free savings,' said Rory Jones, Co-Founder and Managing Partner of Lightshift Energy. 'We couldn't be more excited to partner with WMGLD on this innovative and timely project.' 'We're thrilled to be part of this partnership with Lightshift Energy, WMGLD and several other municipal light plants,' said Jason Viadero, MMWEC's Director of Engineering and Generation Assets. 'Wakefield has been one of the energy storage trailblazers amongst the municipal utilities, having installed their first battery in 2019. Their innovative energy park is further demonstration of the out-of-the-box thinking we will need as part of our clean energy future.' To mark the project launch, Lightshift is also announcing a $10,000 donation to the Boys & Girls Club of MetroNorth to support the establishment of its planned Energy Education Center which will inspire and educate the next generation of young leaders. The contribution is part of Lightshift's Beyond the Grid initiative, which supports key organizations in the communities where the company develops and operates energy projects. About Lightshift Energy Lightshift Energy is a utility-scale energy storage project developer, owner and operator headquartered in Arlington, Virginia. Founded in 2019, Lightshift 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, Lightshift deploys dynamic, multi-use energy storage projects that maximize value for utilities and other partners, while reinvesting directly into the communities where their projects are located. For more information, please visit About the Massachusetts Municipal Wholesale Electric Company (MMWEC) MMWEC is the Commonwealth's designated joint action agency for municipal utilities in Massachusetts. Through its enabling state legislation, Chapter 775 of the Acts of 1975, MMWEC became a not-for-profit, public corporation and political subdivision of the Commonwealth of Massachusetts. MMWEC's enabling legislation gave it the unique power to issue tax-exempt revenue bonds to finance electric generating facilities and other projects. Using this statutory authority, MMWEC has issued more than $7 billion in bonds since 1976. It is the largest provider of asset-owned generation for municipal light departments in New England. Wakefield Municipal Gas and Light serves 14,000 electric customers and 7,000 gas customers in the Town of Wakefield, Massachusetts. They have been nationally recognized for their reliability and operational excellence in both the gas and electric business units. They have also been acknowledged for their leadership in projects like the Energy Park.
Business Wire
08-07-2025
- Business
- Business Wire
Lightshift Energy Secures up to $40 Million Corporate Credit Facility From Aiga Capital Partners to Accelerate Energy Storage Portfolio
ARLINGTON, Va.--(BUSINESS WIRE)--Lightshift Energy, a leading energy storage developer, owner, and operator today announced the financial close of a credit facility for up to $40 million with Aiga Capital Partners ("Aiga'), an institutional investment platform that specializes in innovative financing solutions for North American-based companies developing sustainable infrastructure assets. The facility will serve as a strategic tool to support Lightshift's rapidly growing portfolio by funding interconnection and power purchase agreement ('PPA') security requirements, equipment deposits, and other uses. The expandable credit line comes at a critical time as Lightshift transitions a significant portion of its pipeline into construction during the second half of 2025 and into 2026. 'This financing milestone strengthens our balance sheet and positions Lightshift to execute with speed and certainty as we bring more of our high-impact projects online,' said Rory Jones, Co-Founder and Managing Partner at Lightshift Energy. 'We are pleased to partner with Aiga, whose innovative approach to structured credit supports our mission to advance a more resilient, capable and lower-cost grid.' 'At Aiga, we are committed to delivering creative, scalable financing solutions to best-in-class developers leading the energy transition,' said Angel Fierro, Managing Partner at Aiga Capital Partners. 'Lightshift has demonstrated both the technical expertise and disciplined execution needed to drive the next generation of battery storage deployment, and we are excited to support their ambitious build-out.' With this transaction, Lightshift Energy further establishes itself as a trusted partner to utilities, large-load customers, and communities seeking reliable and flexible clean power solutions. About Lightshift Energy Lightshift Energy is a utility-scale energy storage project developer, owner and operator headquartered in Arlington, Virginia. Founded in 2019, Lightshift 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, Lightshift deploys dynamic, multi-use energy storage projects that maximize value for utilities and other partners, while reinvesting directly into the communities where their projects are located. For more information, please visit About Aiga Capital Partners Aiga is a minority-owned investment platform supporting the energy transition with structured debt and equity solutions for developers of sustainable assets in North America. In an effort to contribute towards net zero emission goals, its strategy targets growth capital deployment opportunities in renewable energy, energy storage and other sustainable infrastructure sectors. To learn more, visit:
Yahoo
25-04-2025
- Business
- Yahoo
Lightshift to build 11-MW storage project for Virginia municipal utility
This story was originally published on Utility Dive. To receive daily news and insights, subscribe to our free daily Utility Dive newsletter. Danville Utilities, a municipal utility based in Danville, Virginia, is contracting for an 11-MW/44-MWh battery storage project to be built and owned by Lightshift Energy, the battery storage company said Wednesday. Danville Utilities plans to use the storage facility to reduce its peak demand, which it expects will lower its demand and transmission charges by about $30 million over the 20-year life of the project. About 40% of Danville Utilities' power supply costs are demand-related and they are increasing by 10% to 15% a year, according to a Nov. 7 Danville City Council memo on the project, which Lightshift expects will be operating in the second quarter next year. The memo states that PJM Interconnection's capacity rate for Danville Utilities is jumping to $8.29/kW-month starting June 1 from 96 cents/kW-month. An existing 10.6-MW storage project built by Lightshift has helped reduce the Danville Utilities' transmission, capacity and congestion charges since it started operating in 2022, according to the memo from Lightshift, formerly Delorean Power. Lightshift expects the project will save the utility $40 million over its life. Lightshift will use the new battery system to sell ancillary services into the PJM market and arbitrage wholesale energy prices, according to the memo. 'The project will help lower transmission and capacity costs and allow the city's electric rates to be competitive to other neighboring electric utilities when competing for economic development projects,' Jason Grey, Danville director of utilities, said in the press release. Danville Utilities has about 42,000 customers. The project in February received $1.5 million from the Virginia Tobacco Region Revitalization Commission's Energy Ingenuity Fund. Municipal utilities and rural cooperatives are focused on cost, and energy storage can save them money while adding resilience to their systems, according to Laura Coriell, head of market development for Lightshift, which is based in Arlington, Virginia. 'They are also hedging against rising PJM costs and making room for data centers by adding additional resource adequacy,' she said in an email. When possible, Lightshift 'value stacks' peak shaving projects with microgrids, which provide reliability benefits for critical infrastructure, Coriell said, pointing to projects the company is deploying in Massachusetts. Lightshift, based in Arlington, Virginia, was founded in 2019 and is backed by Greenbacker Capital Management, an independent power producer and investment manager. Recommended Reading Hawaiian utility contracts for solar-plus-storage projects from AES Sign in to access your portfolio
Business Wire
23-04-2025
- Business
- Business Wire
After Successful First Project, Lightshift Energy to Develop Second Battery Project in Danville, VA
DANVILLE, Va.--(BUSINESS WIRE)--Lightshift Energy, a leading energy storage developer, owner, and operator, announced a second project with Danville Utilities that will bring meaningful cost savings and enhance grid reliability for the City of Danville. Danville II, the 11MW project, has also secured a funding award of $1.5 million from the Virginia Tobacco Region Revitalization Commission 's Energy Ingenuity Fund to advance energy resilience for the region. Following the success of Lightshift's first project with Danville ("Danville I"), which was Virginia's largest municipal energy storage project when built, Danville II builds on the city's commitment to reducing energy costs for its residents and supporting regional load growth. Danville II will operate as a peak-shaving asset, storing electricity during low-demand periods and discharging it back to the grid during peak hours. This model is projected to save Danville residents approximately $30 million over the project's 20-year lifespan. 'The City of Danville has been looking for various ways to stabilize electric costs for ratepayers. The project will help lower transmission and capacity costs and allow the City's electric rates to be competitive to other neighboring electric utilities when competing for economic development projects,' said Jason Grey, Danville Director of Utilities. 'We are very appreciative of the Virginia TRRC's support and our ongoing collaboration with Jerry Silva on the 11-megawatt battery energy storage system.' Danville Utilities partnered with Lightshift a second time after experiencing the benefits of the Danville I project. Danville I is on track to save more than $40 million over the 20-year lifetime of the project by reducing transmission and capacity costs. With a capacity of 10.5 MW, Danville I has been supplying reliable, clean energy to the equivalent of nearly 9,000 homes since October 2022, helping to stabilize the grid and reduce energy prices. Both projects will help support advances in economic development as well as provide clean capacity for data centers in the region. 'This project demonstrates how strategic partnerships and energy investments can drive economic growth in the tobacco region through lowering energy costs and enhanced grid reliability,' said Jerry Silva, TRRC Director of Regional Energy Development and Innovation. 'Danville Utilities and Lightshift have been excellent partners in moving this project forward and we are happy to play a big role in educating our commissioners on the energy opportunity.' The TRRC Energy Ingenuity Fund aims to support innovation and investment in energy technology to formerly tobacco-dependent communities in Virginia in order to improve access to affordable, reliable energy sources. This funding will enable Lightshift to expand the impact of Danville II, bringing additional savings to residents and supporting the regional economy through local job creation and building out the supply chain and expertise for battery energy storage systems in the region. 'Battery storage offers municipal utilities like Danville a valuable tool to stabilize energy costs, support large electric loads like data centers, and enhance grid reliability,' said Michael Herbert, Co-Founder and Managing Partner of Lightshift Energy. 'We deeply value our ongoing partnership with Danville and are committed to bringing economic development and energy cost savings to the region.' Danville City Council granted a special use permit on November 7 to advance the project, and the City Council also approved the project's site lease on March 16. The Project is expected to come online in Q2 2026. About Lightshift Energy Lightshift Energy is a utility-scale energy storage project developer, owner and operator headquartered in Arlington, Virginia. Founded in 2019, Lightshift 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, Lightshift deploys dynamic, multi-use energy storage projects that maximize value for utilities and other partners, while reinvesting directly into the communities where their projects are located. For more information, please visit About Danville Utilities Danville Utilities provides natural gas, water, wastewater and telecommunications services in Danville and distributes electricity to approximately 42,000 customer locations in a 500-square-mile service territory covering Danville, the southern third of Pittsylvania County, and small portions of Henry and Halifax counties. The Tobacco Region Revitalization Commission is a 28-member body created by the 1999 General Assembly. Its mission is the promotion of economic growth and development in tobacco-dependent communities, using proceeds of the national tobacco settlement. To date, the Commission has awarded over 2,000 grants totaling more than $1.1 billion across the tobacco region of the Commonwealth, and has provided $309 million in indemnification payments to tobacco growers and quota holders.
