What is going on with AMRC?
Ameresco, Inc. (AMRC) today announced that it has entered into a contract with Southern California Edison (SCE) to design and build three grid scale battery energy storage systems at existing substation parcels throughout SCE’s service territory in California.
The contracted systems will be located at three distribution-level substation parcels in SCE’s service territory: the San Joaquin Valley, Rancho Cucamonga, and nearby communities and the Long Beach area.
Shares of AMRC increased 1.4% in pre-market hours to $69 as of Friday at 6:23am.
What does this mean for Ameresco?
The three substation systems are a novel approach for utilizing advanced energy storage to solve California's system capacity and reliability needs.
They will be operated in a way that maximizes reliability of the grid by charging during periods of excess generation and discharging during periods of need.
"SCE sees a growing role for battery storage as we transition to delivering 100% clean renewable energy to customers,” said Kevin Payne, President and CEO of SCE.
“The battery storage systems we have contracted for with Ameresco will make the grid more resilient to the effects of extreme weather and will help us continue our progress toward the clean energy future, which is essential to combating climate change."
AMRC expects the battery systems to become operational in August 2022.
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Ameresco Inc provides energy efficiency solutions for facilities in North America and Europe. It focuses on projects that reduce the energy, also focuses on the operation and maintenance costs of governmental, educational, utility, healthcare, and other institutional, commercial, and industrial entities facilities. Ameresco distributes solar energy products and systems, such as PV panels, solar regulators, solar charge controllers, inverters, solar-powered lighting systems, solar-powered water pumps, solar panel mounting hardware, and other system components. The group derives revenue from long-term O&M contracts, energy supply contracts for renewable energy; integrated-PV and through consulting and enterprise energy management services.
