Key Capture Energy Monetizes Millions in State Incentives, Passes Inspection
Accelerating the Path to Meeting New York’s Nation-Leading Energy Storage Target
Albany, NY – November 11, 2020 – Key Capture Energy (KCE) today announced that its bulk energy storage project, KCE NY 1, is the first project of its kind in the state to pass a Quality Assurance Inspection, a requirement of the New York State Energy Research and Development Authority’s (NYSERDA) Bulk Energy Storage Incentive Program.
Continuing a history of “firsts” in New York State, KCE NY 1 has demonstrated that the system is in compliance with the standards in NYSERDA’s Battery Energy Storage Guidebook as well as with all applicable laws, regulations, and rules of the authority having jurisdiction. The 20-megawatt (MW) project, currently in operation in the Capital region, is the largest lithium-ion battery installation in the northeastern United States and was the first to receive an incentive award through NYSERDA since Governor Andrew M. Cuomo announced the state’s Market Acceleration Bridge Incentive Program in April 2019.
In addition to KCE NY 1, three of KCE’s other New York State-based projects have received an award from NYSERDA to date: KCE NY 2 (200 MW), KCE NY 6 (20 MW), and KCE NY 11 (20 MW), all of which are in various stages of development. All four projects will serve New York State’s electrical system while simultaneously advancing the states’ climate change initiatives by reducing greenhouse gas emissions.
Dan Fitzgerald, Co-founder and COO of Key Capture Energy said, “New York is setting the bar for state-led climate initiatives, and we are pleased to be a part of the state’s commitment to a clean energy economy. Not only do we own and operate New York’s largest energy storage project, we are currently constructing a project for Orange & Rockland and have 700 MW of projects under development in New York, all of which further the state’s commitment to a carbon-free electric system by 2040. We look forward to continuing to work collaboratively with NYSERDA to better understand the best way to implement energy storage in New York State in a way that is the most beneficial to residents.”
About Key Capture Energy
As more large-scale renewable energy projects come online and intermittent resources are added to the energy mix, it is becoming increasingly important to keep the electrical grid stable. Headquartered in Albany, New York, Key Capture Energy is meeting this need by identifying, developing, constructing and operating energy storage solutions to foster greater deployment of renewable energy, create a more stable electric grid, and provide value to all ratepayers.
Key Capture Energy operates the largest battery storage project in New York State. Additionally, the company is the largest owner of batteries in Texas, with 50 MW in operating projects, 204 MW in construction and over 1,500 MW of battery storage projects in its development pipeline, ranging from 5 to 200 MW. In the last year, Key Capture Energy has more than tripled the size of its team to advance the company’s growing portfolio of utility-scale battery storage projects.
Learn more at keycaptureenergy.com.
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