Harrison Vickers & Waterman (HVW) has executed a term sheet to acquire rights for development and investment ownership of 20MW Flemington New Jersey battery energy storage system.
Financial terms of the transaction were not disclosed. HVW expects to execute the definitive agreement within 10 days.
HVW has been advised, acknowledges and understands that there is presently a litigation pending and ongoing between the members of the BESS project. It is further acknowledged by and between the parties that MSS Capital, LLC and NJ Battery Energy Storage Project 2, LLC, majority owners collectively of the Flemington BESS project, owns Series C Preferred shares in HVW.
Harrison Vickers & Waterman CEO Christopher Harrison said: “HVW continues to build its portfolio of energy storage projects in the United States. This is another significant step in our strategic plan to expand our reach into energy storage and leverage HVW’s core capabilities in this growing market.
“We believe this project, and the Bloomsbury project along with our other exciting, dynamic, innovative initiatives, will escalate our growth over the next few years.
“The two projects are expected to generate average revenues of between $7 million and $8 million, mainly from ancillary services. The projects’ revenues are based on spot prices and may vary from time to time.
Source: Company Press Release