Arevon, a leading renewable energy company, has secured a 2 GW/6 GWh supply of Tesla Megapack to support its growing utility-scale storage portfolio through a master supply agreement. By the end of 2021, Arevon will have overseen construction and operation of 250 MW/1,000 MWh of battery energy storage systems deploying the Tesla Megapack at sites in California and Nevada.
"Arevon is at the forefront of powering the energy transition through solar and storage resources. We are pleased to be working with Tesla, securing a quality product that is in high demand. This agreement ensures that Arevon can deliver near-term storage solutions to our customers, mitigating the risk of supply shortages and project delays."
Justin Johnson, Arevon's chief operating officer.
Tesla Megapack has been selected to support the Falcon portfolio, a joint undertaking of Arevon and energy company Tenaska, to develop standalone storage projects in California load centers over the next four years. These facilities can be configured to provide up to four hours of battery-delivered energy during peak times of day. Well-sited standalone battery systems improve local reliability and can be used to prevent grid outages.
Nationally, the demand for stationary batteries has increased substantially. A September 2021 forecast from Wood Mackenzie estimates that the U.S. energy storage market will grow to 35 GWh a year by 2026 and be worth $8.9 billion. This agreement ensures that Arevon has the ability to execute on storage assets planned to deploy in the next few years.
About Arevon
Arevon Energy, Inc. is a leading renewable energy company with roots as one of the largest renewable asset managers in the United States. Arevon's financial prowess and industry expertise come together to improve the structure and performance of clean energy assets across North America. Headquartered in Scottsdale, Ariz., and New York City, Arevon uses innovative approaches and leading-edge technology to provide commercial, financial, performance asset management, and construction services to nearly 10 GWac of renewable energy assets delivering clean energy to utilities and corporations.