Plus Power secures $160 million funding for U.S. Battery energy storage projects. Plus Power has secured $160 million in tax equity investments from Morgan Stanley for two standalone battery energy storage system (BESS) projects in New England. The financing includes $95 million for the 150 MW/300 MWh Cranberry Point energy storage facility in Carver, Massachusetts, and $65 million for the 175 MW/350 MWh Cross Town energy storage facility in Gorham, Maine. The Cranberry Point project began commercial operations in May 2025, while the Cross Town project is expected to commence operations late in the fourth quarter of 2025. The Cranberry Point and Cross Town BESS projects will deliver capacity and energy services to the Independent System Operator of New England (ISO-NE). These facilities are intended to support grid reliability, balance intermittent renewable resources, and address growing power demand in the region amid conventional power plant retirements and expanding data centre operations. In 2024, Plus Power closed debt financing for the Cranberry Point project with First Citizens Bank, Nord LB, Investec Bank, and Siemens Financial Services. In the same year, debt financing for the Cross Town project was arranged with Nord LB, Investec Bank, and Siemens Financial Services. Across both projects, the company has raised over $290 million in debt financing, which includes construction-to-term loans, tax equity bridge, and letter of credit facilities.

The 150 MW / 600 MWh project will support grid reliability and economic development in New Mexico, while moving New Mexico toward its clean energy goalsWin represents Plus Power's 6th announced market and 3rd large tolling agreementTHE WOODLANDS, Texas, Nov. 25, 2024 /PRNewswire/ -- Today, Plus Power announced that its 150 MW / 600 MWh Corazon Energy Storage project was awarded a 20-year contract by Public Service Company of New Mexico (PNM), subject to regulatory approvals, in response to the utility's 2026-2028 Generation Resources Request for Proposals. The RFP was issued in 2022 and sought projects that will help serve growing energy demand in New Mexico as it transitions to zero-carbon energy by 2045. PNM filed with the New Mexico Public Regulation Commission for approval of the project on Nov. 22, 2024

QE Solar recently announced it is successfully providing maintenance services for the Kapolei Energy Storage project, which is developed and owned by Plus Power.The KES facility, located on Oahu, Hawaii, is the most advanced grid-scale battery energy storage system, or “BESS,” in the world, helping transition the state’s electric power from coal and oil to solar and wind.Springfield-based QE Solar serves the KES project out of its North American Electric Reliability Corp.-compliant remote operations center located in Springfield and maintains on-the-ground personnel on the island of Oahu to support high project availability.“As the leading third-party operator of BESS projects and one of the largest (operation & maintenance) providers in the United States, supporting both utility scale and (commercial & industrial) projects, we are extremely excited to be serving this critically important grid infrastructure project.” Ken Heissler, CEO of QE Solar, said. “The KES project provides among the highest level of battery-to-grid capacity percentage in the world, and we are very proud that Plus Power entrusted our utility operations team and NERC-compliant remote operations center for maintenance services on this groundbreaking project.”“We have consistently demonstrated our team’s diverse operating capabilities and in-depth knowledge when it comes to operating BESS and hybrid (photovoltaic) and BESS projects. We are extremely proud of our team for their continued commitment to excellence and integrating years of experience in BESS and PV to address the unique opportunities and challenges with successfully operating these next generation energy projects,” Ryan McCauley, vice president, business development, of QE Solar, said