A joint venture of Euronext Growth Milan-listed companies— Redelfi and Altea Green Power—and U.S.-based Elio Energy Group, BESS Power Corporation is a manufacturing-independent company that provides a portfolio of standalone, transmission interconnected, energy storage solutions to achieve distinct project goals while bolstering a sustainable green economy.
The firm’s service delivery is characterized by its comprehensive and synergistic project development approach. From identifying prime terrains and negotiating with landowners to streamlining requisite documentation, BESS Power Corporation ensures every project site is success-oriented. It brings a wealth of technical and financial acumen to the burgeoning energy sector and reverses the tide on global, carbon-intensive activities by enabling the industry to harness the multifaceted benefits of BESS technology.
“We have the right capabilities and expertise to be one of the most successful developers in the BESS field in the U.S.,” says Pandelis Vassilakakis, CEO of BESS Power Corporation and partner at Elio Energy Group.
Well-Rounded and Collaborative Project Development
The renewable energy sector is undergoing a notable transformation. There’s a rising apprehension that surrounds speculators with scant capital investments. These entities focus on swift project control and a “flip” mentality to sell at a very early stage to market participants, including other developers, for short-term profit. Their modus operandi creates market disruptions and introduces price volatility and pressure, unduly influencing market dynamics. BESS Power Corporation is at the forefront of tackling this challenge.
“We have always been a serious developer,” says Daven Mehta, President and head of development and strategy at BESS Power Corporation and CEO of Elio Energy Group. “Our endeavors are self-funded to a point where we address a project’s critical flaws. Only after reaching this maturity level do we consider bringing in external partners.”
BESS Power Corporation’s level of commitment results in qualified and dependable projects, positioning it for success. As a self-funded entity, it can act swiftly on identified optimum market opportunities.
At the center of the firm’s capabilities is its team of professionals experienced in project management, greenfield development, engineering, and finance, providing a comprehensive range of services tailored to address the diverse needs of the renewable energy industry. From identifying and securing greenfield lands to orchestrating shovel-ready projects, the team’s milestone-driven approach guarantees precision at every step. It ensures projects are financially viable and integrated into the market, making them ready for a smooth transition from development to construction and operation.
As a greenfield developer, BESS Power Corporation excels at identifying optimal site locations. Its experts meticulously evaluate numerous properties and determine if their physical characteristics suit the specifications of the intended project. Factors like geographic compatibility, grid proximity, and minimal environmental impact are studied. By strategically siting their projects, its experts streamline the interconnection process and reduce associated delays. This approach has culminated in a commendable success rate of more than 90 percent, instilling confidence in its ability to navigate the market.
BESS Power Corporation’s offerings serve as a catalyst for tangible investment returns, amplifying the value of large-scale solar generation facilities, establishing grid dispatchability, and bolstering grid reliability and resilience. It collaborates with top-tier industry consultants for impartial perspectives in their development process. By tapping into a network of bankable consultants, the firm ensures a well-rounded approach to its projects. External insights and evaluations are incorporated, resulting in an agile and adaptable process.
Pushing the envelope, BESS Power Corporation’s approach transcends conventional boundaries, venturing into novel markets to bring more value to stakeholders. Pragmatic stances are taken, with no hesitation in terminating non-viable projects. The firm fosters an environment that attracts investors keen on project ownership, maximizing value throughout the project lifecycle.
We have the right capabilities and expertise to be one of the most successful developers in the bess field in the U.S.
This holistic methodology is the foundation of BESS Power Corporation’s operational excellence, enabling it to develop and execute projects to the highest industry standards.
A Case Study in Community-Centric Development
BESS Power Corporation is distinguished through its community-centric approach, underpinning its operational strategy with a strong focus on engagement, transparency, and mutual respect. The organization takes significant steps to ensure community stakeholders are not only informed but actively endorse and participate in its ventures. This attests to the firm’s keen understanding of industry complexities and the variables determining a project’s success.
Opting for a boots-on-the-ground approach, BESS Power’s team conducts site visits to gain a first-hand understanding of the geography and communities. It recognizes a landowner’s emotional investment in their ancestral properties and incorporates this understanding into empathetic negotiations and long-term relationships. This sets BESS Power Corporation apart from larger enterprises that often overlook the importance of interacting with local communities and the emotional connection to the land.
It engages with landowners to acquire suitable terrains for BESS centers, handles the development to ensure compliance with local regulations, secures capital, expedites project growth, and facilitates strategic transactions, selling projects to long-term owners and operators.
An evocative representation of this commitment is Mehta’s experience when his former company strategically expanded into Texas despite facing opposition and skepticism due to the state’s oil-centric economy. The local community expressed resistance due to its strong ties to the land. In response, Mehta and his team adopted the community-oriented approach.
They conducted regular community meetings, often in a century-old church. Many questions and concerns were addressed, some of which reflected their misconceptions. Educating the community regarding renewable energies and fostering trust proved pivotal in their success in breaking ground on a 1,200-acre, 60-megawatt project within just ten months, ultimately expanding to 186 megawatts.
Mehta secured all tax abatements in Texas—a feat previously unheard of. The project was eventually sold to Canadian Solar and is currently operated by Duke Energy.
These community meetings taught Mehta a valuable lesson: businesses need clear insight into involving communities and building a solid foundation for future collaborations and success. BESS Power Corporation, in line with this, uses a well-defined strategy for interacting with landowners.
It used the same approach in its flagship Lund Storage project with the Texas independent system operator, Electric Reliability Council of Texas Inc., and Lower Colorado River Authority, the transmission line owner. This impressive project has a capacity of about 500 megawatts, making it one of the largest stand-alone BESS projects in the state of Texas. It was the first project in the firm’s fast-growing portfolio.
The team is currently nearing the final interconnection agreement and preparing to market the project. The project highlights BESS Power’s focus on growing its greenfield portfolio with the highest quality projects, marking a milestone in its goal to develop more than 2 GW of standalone storage projects across the U.S.
BESS has secured a $15 million development loan facility from Leyline Renewable Capital to support and accelerate their 2.4 GW pipeline in the U.S. This non-dilutive loan will enable the advancement of the Lund Storage Center project, as well as the development of the portfolio including projects in Texas, Arizona, Tennessee, and New Mexico, among others.
A Game-Changing Joint Venture and Exceptional Human Capital
BESS Power Corporation’s genesis is a narrative unlike any other in the industry.
The joint venture was established in 2022 by uniting RAL Green Energy—a partnership between Redelfi Group and Altea Green Power—and Elio Energy Group. At a time when the energy sector was largely pivoting toward solar solutions, this alliance identified the untapped promise of BESS in mitigating transmission, congestion, and capacity limitations within the U.S.
This strategic alignment came to fruition through a collaborative venture with Vassilakakis and his team. Recognizing their specialized skills in project development and BESS, RAL Green Energy and Elio Energy Group joined forces. The former brings to the table significant financial resources, while the latter offers invaluable technical and developmental expertise.
“Our goal is to replicate the same in the future with BESS Power, and we are very proud to be part of BESS Power Corporation,” says Matteo Bellisomi, managing director at BESS Power Corporation and managing director at Redelfi.
The firm intends to meet its initial goal of having the full 2.4- GW portfolio in active development by early 2024—a testament to its commitment to BESS innovation and agility.
But what ignites this robust confidence in BESS Power Corporation among industry experts?
The secret lies in its human capital. Comprising a cadre of professionals with a nuanced understanding of greenfield development and avant-garde technologies, the team is singularly focused on advancing renewable energy.
The collective knowledge and skills of these key individuals play a vital role in assembling the pieces that make BESS Power Corporation one of a kind.
A Vision for a Greener Future
BESS Power Corporation has created a workplace that employees truly value and fosters out-of-the-box thinking, translating into an enhanced bottom line. The firm actively seeks high-caliber young professionals with transferable skills and dynamic perspectives. These individuals are trained to cultivate knowledge and passion for innovation similar to that of the executive team, enhancing their professional skills through learning from these experienced leaders. The mentorship is highly valued, further reinforcing BESS Power Corporation’s mission to drive sustainability and excellence in the renewable energy sector.
BESS Power Corporation’s primary strength lies in its agility, tenacity, and adaptability in a constantly evolving industry, contributing to its ongoing success and growth.
As Mehta articulates, “We are not claiming to be the largest company in the world, but we are one of the best that brings value to all the stakeholders. We create a legacy for them to thrive.”
In a world advancing toward renewable energy, BESS Power Corporation, now celebrating its first anniversary, is poised to play an increasingly pivotal role. Offering reliable and sustainable energy solutions, the company is well-positioned to usher in a new era of resilient energy ecosystems, fortifying the sector for future generations.
