Swell Energy’s new New York deal shows how the company plans to spend the $ 450 million it raises
Back in December, Swell Energy announced that it would raise $ 450 million to support the development of distributed energy projects in three states. With the announcement of a contract between the venture-backed startup and the New York energy supplier ConEd, industry observers can now get an impression of what these projects could look like.
The Los Angeles-based company has a new solar and energy storage program for homeowners in Queens that is being rolled out in partnership with ConEd.
It is a project that will produce solar powered home batteries for eligible ConEd customers.
New York aims to introduce 3 gigawatts of installed energy storage capacity by 2030 to bring the state’s power grid to zero emissions by 2040.
With the ConEd project, the city hopes to create backup electricity for customers in Queens, which they can use independently of their own resources in the power grid to free electricity for customers who do not have the energy storage technology.
Homeowners who participate in the project can qualify for incentives that reduce the cost of the systems originally offered to residents of Forest Park, Glendale, Hunters Point, Long Island City, Maspeth, Middle Village, Ridgewood, Sunnyside, and parts of adjoining neighborhoods in Queens are offered.
The New York virtual power plant differs from other Swell initiatives in that it provides available capacity to specific distribution circuits on the grid to reduce customer demand for circuits during periods of grid congestion, according to a Swell spokesperson.
With the virtual power plant, ConEd does not have to build a new transmission and distribution infrastructure, but it can ensure network reliability. It’s a so-called “no-cable” solution to the demand problem, said Swell’s spokesman.
In contrast, the company’s Hawaii projects, system-level capacity and frequency regulation and the California program with Edison in Southern California provide demand-response capacity for base load power management and overall load growth in the area in which they operate.
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