Plus Power

Plus Power

Develops and deploys utility-scale battery storage

Overview

Plus Power builds and operates large-scale battery energy storage systems that improve grid reliability and efficiency. Its standalone storage projects store excess electricity and release it when needed to support utilities, grid operators, and renewable developers. The company’s products provide services such as fast frequency response, virtual inertia, and blackstart, and it earns revenue from selling storage capacity and ancillary services in wholesale energy markets. Compared with competitors, Plus Power emphasizes US-focused siting optimization to maximize long-term value and environmental stewardship, backed by a broad portfolio (over 7,000 MW) across 20 states and participation in nearly all major RTO markets. Its goal is to enable reliable, flexible grid operation and renewable energy integration through scalable, utility-grade storage solutions.

About Plus Power

Simplify's Rating
Why Plus Power is rated
B-
Rated B on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Hardware

Industrial & Manufacturing

Energy

Company Size

201-500

Company Stage

Debt Financing

Total Funding

$233M

Headquarters

San Francisco, California

Founded

2018

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Simplify's Take

What believers are saying

  • Cross Town began operating February 11, 2026, expanding New England revenues immediately.
  • Morgan Stanley invested $160 million in November 2025, validating financeability.
  • PNM awarded Corazon a 20-year contract in November 2024, adding another long-dated cash-flow stream.

What critics are saying

  • Saline County denied Mountain Peak's permit on January 6, 2026, showing local resistance.
  • Crawfish Creek starts construction in 2028; TVA concentration leaves revenue exposed.
  • Battery fire fear and permitting fights can kill projects before COD, threatening Plus Power's growth.

What makes Plus Power unique

  • Kapolei, online since 2024, delivers fast frequency response and blackstart in Oahu.
  • Cross Town and Cranberry Point reached ISO-NE firsts, proving utility-scale battery execution.
  • TVA chose Crawfish Creek in April 2026 for 20-year, grid-forming capacity.

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Funding

Total Funding

$233M

Above

Industry Average

Funded Over

2 Rounds

Debt funding comparison data is currently unavailable. We're working to provide this information soon!
Debt Funding Comparison
Coming Soon

Benefits

Unlimited Paid Time Off

Flexible Work Hours

Remote Work Options

Home Office Stipend

Parental Leave

Growth & Insights and Company News

Headcount

6 month growth

0%

1 year growth

0%

2 year growth

20%
WDFX-TV
Apr 21st, 2026
TVA and Plus Power's Crawfish Creek Energy Storage sign on 200 MW battery project to strengthen power affordability and American energy dominance.

TVA and Plus Power's Crawfish Creek Energy Storage sign on 200 MW battery project to strengthen power affordability and American energy dominance. * 1 hr ago PR Newswire THE WOODLANDS, Texas, April 21, 2026 TVA, the nation's largest public utility, has entered a 20-year contract to add 200 MW / 800 MWh of battery energy storage to the Tennessee Valley through Houston-based Plus Power's Crawfish Creek Energy Storage project in Alabama. THE WOODLANDS, Texas, April 21, 2026 /PRNewswire/ - Plus Power and the Tennessee Valley Authority (TVA) announced on Tuesday a 20-year Energy Storage Agreement to add 200 megawatt / 800 megawatt-hour utility-scale battery energy storage to the Tennessee Valley. TVA, the largest public energy provider in the United States, selected the project through a Request for Proposal issued in early 2025 to supply new capacity resources needed across the region. The standalone system, developed by Plus Power's Crawfish Creek Energy Storage project in Jackson County, Alabama, was chosen to help TVA meet its system needs and strengthen U.S. energy security. Under the agreement, TVA will charge and dispatch energy from the battery system based on system needs, while Crawfish Creek Energy Storage retains ownership of the facility. "Battery storage is essential to protecting the reliable, affordable electricity our region depends on to power next generation technologies," said Monika Beckner, TVA vice president, power supply & fuels. "Projects like Crawfish Creek strengthen the Valley's energy security, improve our ability to manage extreme conditions, and help unleash American energy - reinforcing reliability, affordability, and America's energy dominance." Construction on Crawfish Creek Energy Storage is expected to begin in 2028, with commercial operation anticipated in summer 2029. The project is expected to create 50 to 100 construction jobs in Jackson County and support four full-time operations roles once complete. The system provides TVA with flexible capacity by storing lower-cost energy during off-peak periods and delivering it when demand is high. It will also provide grid-forming capabilities - fast frequency response, regulation, and operating reserves - to support growth in advanced manufacturing, data centers, and industrial investment across the Valley. Crawfish Creek supports TVA's broader effort to develop 6,200 megawatts of new generation to meet increasing electricity needs across north Alabama and the Tennessee Valley. In the past five years alone, TVA-supported economic development projects have helped attract more than 91,000 new jobs, retain 235,000 existing jobs, and drive $45.9 billion in projected capital investments in Alabama. "Plus Power is proud to support energy resilience in Jackson County and the Tennessee Valley, a key region for America's military, aerospace, and nuclear innovation," said Brian Duncan, chief commercial officer at Plus Power. "Battery energy storage systems are flexible and millisecond-fast, making Crawfish Creek uniquely suited to meet the region's evolving needs. We are excited to partner with TVA to deliver a resource that supports economic expansion while strengthening American energy dominance and security." With Crawfish Creek Energy Storage, Plus Power is entering its seventh state market and expanding into the Southeast. The company owns and operates nine facilities that provide enhanced power reliability to Arizona, Hawaii, Maine, Massachusetts, and Texas - totaling 1,650 megawatts / 4,150 megawatt-hours. About Plus Power The Plus Power team is accelerating the deployment of transmission-connected battery energy storage throughout the United States. Plus Power develops, owns, and operates standalone battery energy storage systems that provide capacity, energy, and ancillary services, enabling the rapid integration of advanced generation resources. Headquartered near Houston, with offices in San Francisco, Chicago, New York City, and other locations throughout the country, Plus Power operates at the nexus of energy, technology, and finance. About TVA The Tennessee Valley Authority is the nation's largest public power supplier, delivering energy to more than 10 million people across seven southeastern states. TVA has one of the most diverse energy systems - including nuclear, hydro, coal, gas, solar and advanced technologies. TVA is making significant investments in its power system toward new generation and transmission. TVA is a corporate agency of the United States, receiving no taxpayer funding, deriving virtually all of its revenues from sales of electricity. TVA maintains some of the lowest energy costs and highest reliability in the nation. TVA's residential rates are lower than those paid by 80% of customers of the top 100 U.S. utilities, and its industrial rates are lower than those paid by over 90% of customers of the top 100 U.S. utilities. In addition, TVA provides flood control, navigation, and land management for the Tennessee River system, and assists local power companies and state and local governments with economic development and job creation. Learn more at tva.com. SOURCE Plus Power

Estacada News
Apr 21st, 2026
TVA and Plus Power's Crawfish Creek Energy Storage sign on 200 MW battery project to strengthen power affordability and American energy dominance.

TVA and Plus Power's Crawfish Creek Energy Storage sign on 200 MW battery project to strengthen power affordability and American energy dominance. PR Newswire Today at 9:00am PDT TVA, the nation's largest public utility, has entered a 20-year contract to add 200 MW / 800 MWh of battery energy storage to the Tennessee Valley through Houston-based Plus Power's Crawfish Creek Energy Storage project in Alabama. THE WOODLANDS, Texas, April 21, 2026 /PRNewswire/ - Plus Power and the Tennessee Valley Authority (TVA) announced on Tuesday a 20-year Energy Storage Agreement to add 200 megawatt / 800 megawatt-hour utility-scale battery energy storage to the Tennessee Valley. TVA, the largest public energy provider in the United States, selected the project through a Request for Proposal issued in early 2025 to supply new capacity resources needed across the region. The standalone system, developed by Plus Power's Crawfish Creek Energy Storage project in Jackson County, Alabama, was chosen to help TVA meet its system needs and strengthen U.S. energy security. Under the agreement, TVA will charge and dispatch energy from the battery system based on system needs, while Crawfish Creek Energy Storage retains ownership of the facility. "Battery storage is essential to protecting the reliable, affordable electricity our region depends on to power next generation technologies," said Monika Beckner, TVA vice president, power supply & fuels. "Projects like Crawfish Creek strengthen the Valley's energy security, improve our ability to manage extreme conditions, and help unleash American energy - reinforcing reliability, affordability, and America's energy dominance." Construction on Crawfish Creek Energy Storage is expected to begin in 2028, with commercial operation anticipated in summer 2029. The project is expected to create 50 to 100 construction jobs in Jackson County and support four full-time operations roles once complete. The system provides TVA with flexible capacity by storing lower-cost energy during off-peak periods and delivering it when demand is high. It will also provide grid-forming capabilities - fast frequency response, regulation, and operating reserves - to support growth in advanced manufacturing, data centers, and industrial investment across the Valley. Crawfish Creek supports TVA's broader effort to develop 6,200 megawatts of new generation to meet increasing electricity needs across north Alabama and the Tennessee Valley. In the past five years alone, TVA-supported economic development projects have helped attract more than 91,000 new jobs, retain 235,000 existing jobs, and drive $45.9 billion in projected capital investments in Alabama. "Plus Power is proud to support energy resilience in Jackson County and the Tennessee Valley, a key region for America's military, aerospace, and nuclear innovation," said Brian Duncan, chief commercial officer at Plus Power. "Battery energy storage systems are flexible and millisecond-fast, making Crawfish Creek uniquely suited to meet the region's evolving needs. We are excited to partner with TVA to deliver a resource that supports economic expansion while strengthening American energy dominance and security." With Crawfish Creek Energy Storage, Plus Power is entering its seventh state market and expanding into the Southeast. The company owns and operates nine facilities that provide enhanced power reliability to Arizona, Hawaii, Maine, Massachusetts, and Texas - totaling 1,650 megawatts / 4,150 megawatt-hours. About Plus Power The Plus Power team is accelerating the deployment of transmission-connected battery energy storage throughout the United States. Plus Power develops, owns, and operates standalone battery energy storage systems that provide capacity, energy, and ancillary services, enabling the rapid integration of advanced generation resources. Headquartered near Houston, with offices in San Francisco, Chicago, New York City, and other locations throughout the country, Plus Power operates at the nexus of energy, technology, and finance. About TVA The Tennessee Valley Authority is the nation's largest public power supplier, delivering energy to more than 10 million people across seven southeastern states. TVA has one of the most diverse energy systems - including nuclear, hydro, coal, gas, solar and advanced technologies. TVA is making significant investments in its power system toward new generation and transmission. TVA is a corporate agency of the United States, receiving no taxpayer funding, deriving virtually all of its revenues from sales of electricity. TVA maintains some of the lowest energy costs and highest reliability in the nation. TVA's residential rates are lower than those paid by 80% of customers of the top 100 U.S. utilities, and its industrial rates are lower than those paid by over 90% of customers of the top 100 U.S. utilities. In addition, TVA provides flood control, navigation, and land management for the Tennessee River system, and assists local power companies and state and local governments with economic development and job creation. Learn more at tva.com. SOURCE Plus Power This is a paid placement. For further inquiries, please contact PR Newswire directly.

PR Newswire
Feb 11th, 2026
Maine's first utility-scale battery storage system goes live with 175MW capacity

Plus Power has launched Maine's first utility-scale battery energy storage system in Gorham, now the largest of its kind on the ISO New England grid. The Cross Town facility has a capacity of 175 MW and 350 MWh, storing excess energy during low-demand periods for use during peak times. The project supports Maine's target to deploy 400 MW of battery storage by 2030 and helps integrate renewable energy towards the state's goal of 100% renewable electricity sales by 2040. Located on five acres adjacent to Central Maine Power's Moshers substation, the facility eases transmission congestion and enables wind power distribution from Northern Maine to southern markets. Cross Town features 156 Sungrow PowerTitan units and was built in partnership with Maine-based Cianbro Corporation. It is Plus Power's second New England project, following the 150 MW Cranberry Point facility in Massachusetts.

Energy-Storage.news
Nov 7th, 2025
Plus Power secures US$160 million for New England BESS projects

Plus Power secures US$160 million for New England BESS projects. Developer-operator Plus Power has secured US$160 million in tax equity investments from Morgan Stanley for two battery energy storage system (BESS) projects in Massachusetts and Maine, US. US$95 million is being invested in Cranberry Point Energy Storage in Massachusetts, and US$65 million is being invested in Cross Town Energy Storage in Maine. The Cranberry Point facility, with a capacity of 150MW/300MWh and located in Carver, Massachusetts, came online in May 2025. The Cross Town facility in Gorham, Maine, has a capacity of 175MW/350MWh, and Plus Power claims it will be the largest battery in the region when it starts commercial operations in late Q4 2025. In 2024, Plus Power closed financing for the Cranberry Point facility with First Citizens Bank, Nord LB, Investec Bank, and Siemens Financial Services. In the same year, the company closed the debt financing for Cross Town with Nord LB, Investec, and Siemens Financial Services. Across both projects, Plus Power has secured more than US$290 million in debt financing, which includes construction-to-term loans, tax equity bridge financing, and letter of credit facilities. According to a 2023 petition from Plus Power to the government of Carver, Massachusetts, the Cranberry Point project utilises 82 Tesla Megapack 2XL energy storage solutions. The project was also among the first BESS facilities to secure a Capacity Supply Obligation with the Independent System Operator of New England (ISO-NE), in 2021. Plus Power noted that Cranberry Point and Cross Town will contribute to balancing intermittent resources, enhance grid reliability, and help meet demand in ISO-NE. As of April 2025, ISO-NE reported that energy storage accounted for 45% of the projects in its interconnection request queue. The independent system operator also reported that, even with significant investments in modernising the transmission system to facilitate the free flow of low-cost power, further upgrades to transmission and distribution systems will be necessary to handle large quantities of diverse renewable energy resources. ISO-NE further stated that it does not have authority over siting processes or permits. Due to local opposition and other factors, transmission projects in New England often experience lengthy delays before they are realised.

TechZone Print Media
Nov 7th, 2025
Plus Power Secures $160 Million Funding for U.S. Battery Energy Storage Projects

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.

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