GCI was founded last year and is led by founder and president Mitch Bauer. The company is aiming to develop over one gigawatt of large-scale BESS (Battery Energy Storage Systems) capacity across the US by 2027. According to CNET, one gigawatt is enough energy to power about 750,000 homes.
The investment is a non-dilutive loan by Leyline will allow GCI to acquire real estate and build a team over the next few years, the companies say. GCI also has plans to launch six or more projects for use in electricity markets including CAISO (California), NYISO (New York), and ERCOT (Texas).
In a statement, Leyline expressed optimism about the potential of expanded energy storage options.
“At Leyline, we believe that large-scale energy storage is critical for a reliable, low-carbon electric grid,” said Erik Lensch, Leyline CEO. “Based on Mitch’s excellent development track record and his strategic vision, we are excited to support GCI to expand energy storage capacity across the U.S.”