Harrison, Vickers & Waterman has purchased the remaining 20% equity of the New Jersey Energy Storage Project One, for a 20 MW battery energy storage (BESS) project located in Bloomsbury, NJ, PJM queue position AE1-243.
Image: Harrison, Vickers & Waterman buys the remaining stake in BESS project Number One. Photo: Courtesy of Hoàng Nguyễn/Unsplash.
Terms of the deal were not disclosed. HVW had purchased 80 percent of the New Jersey Energy Storage Project One, LLC for a 20 MW battery energy storage (BESS) project located in Bloomsbury, NJ in October 2018.
Chief Executive Officer Christopher C. Harrison commented, “We are pleased to now have 100 percent of the BESS project which will allow HVW to be in a better position with potential suitors. We expect to sell some or all of the project in the next six months. We have received communication from interested companies and are starting negotiations.”
Other Business Opportunities
HVW is actively seeking strategic partnerships or acquisitions with similar energy management related businesses to maximize its potential operations and expand into other markets for energy storage and demand energy management projects. There can be no assurances that HVW will be successful in these efforts to acquire other businesses, or that any acquisitions or joint ventures would be on terms favorable to its existing shareholders.
Source: Company Press Release