LOS ANGELES & SAN FRANCISCO--(BUSINESS WIRE)--Avantus (formerly 8minute), a leader in the clean energy transition, today announced that it has doubled its development pipeline over the last two years. Now exceeding 50 gigawatts (GW) of system capacity, including 42 GW of solar and 78 GWh of energy storage, the company’s development pipeline is large enough to provide power for more than 30 million people, day and night. Spanning more than 90 utility-scale projects throughout California, Texas and the Southwestern United States, the development pipeline represents over $70 billion in investments.
This benchmark builds on a period of rapid growth for Avantus, which recently rebranded from 8minute to reflect its expanded scope beyond solar development to include an advanced ecosystem of clean energy products, services and technologies. Avantus will deploy a range of its proprietary smart power plant designs across its portfolio to deliver low-cost, reliable clean electricity and green hydrogen to meet the diverse needs of the power market.
“A modern grid that runs on 100% renewables will require a fundamental reimagining. As a category-defining company, Avantus is building an energy ecosystem to transform the electric grid and accelerate our country’s clean energy economy,” said Dr. Tom Buttgenbach, Founder and CEO of Avantus. “Just as the communications industry moved from unwieldy landlines and fax machines to a digitally connected world, it is time our energy generation stepped up. Our unique team of engineers, scientists and developers is pushing the technology to create the clean, networked, responsive grid of the 21st century.”
Backed by leading investors in the global energy and infrastructure sectors, the company’s commitment to continuous innovation, reduced cost and improved reliability makes Avantus a key driver in the nation’s push to reach 100 percent carbon-free electricity by 2035.
“Avantus is a clear industry leader with a proven track record of developing groundbreaking solar plants with integrated storage that have spurred the industry’s rapid growth,” said R. Blair Thomas, Chairman and CEO of EIG, an investor in Avantus. “This expanded pipeline is a testament to the company’s ability to turn big ideas into pivotal moments and impactful solutions for the clean energy industry and aligned with our commitment to laying the groundwork for a low carbon future. We’re proud to support Avantus as the company enters this next phase of growth and are committed to helping the company execute on its key initiatives.”
By integrating clean energy generation and storage into one seamless, intelligent system, Avantus’ smart power plants provide flexible, predictable output to the grid and help utilities dynamically manage load in real-time. These highly efficient power plants can respond instantaneously to provide critical grid stabilization needed with a high penetration of renewable energy generation.
The Avantus Baseload™ class of power plants offer high-capacity factors, upwards of 60% in the summer, to deliver a consistent, baseload power supply at record-low prices, matching customers’ needs in the most economical way. The Avantus Super Peaker™ replaces low-efficiency gas peakers with highly flexible clean energy during periods of peak demand at a significantly lower cost.
For the emerging green hydrogen market, the Avantus Hydrogen™ class offers an integrated plant design to optimize green hydrogen production capable of meeting multiple end-uses, from long-duration electricity storage to transportation.
Grounded in 8minute’s record-breaking history, Avantus has a proven track record of delivering above and beyond in reliability, affordability and profitability for customers, partners, and investors. In the past 10 years, the company has executed over two dozen energy offtake agreements, including multiple projects with the largest utilities in California and Nevada. Its portfolio features several historic milestones, including the largest solar cluster in the United States, the first operating solar plant to beat fossil fuel prices, and a groundbreaking project to deliver solar with storage at record-low prices.
Avantus is shaping the future by making reliable, accessible clean energy a global reality. Our legacy of leadership in next generation solar energy includes developing the nation’s largest solar cluster and the first plant to beat fossil fuel prices. Today, we are expanding the boundaries of existing technologies to build one of the largest portfolios of smart power plants with integrated storage, capable of providing 30 million people with low-cost, zero-emission energy – day and night. Through our relentless pursuit of better, we are decarbonizing our planet at the gigaton level, and bringing the advantages of clean energy to all of us.
EIG is a leading institutional investor in the global energy and infrastructure sectors with $24.0 billion under management as of June 30, 2022. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 40-year history, EIG has committed over $41.5 billion to the energy sector through over 387 projects or companies in 38 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG’s website at www.eigpartners.com.