DALLAS, Oct. 3, 2024
/PRNewswire/ -- JBB Advanced Technologies (www.jbbat.com,
JBBAT) Founder, Chairman, and CEO, John B.
Billingsley, who launched one of the nation's largest
renewable energy companies, Tri Global Energy, has signed an
exclusive letter of intent to purchase Houston-based Proteus Power
(www.proteus-power.com), an international developer of
utility-scale renewable energy, for an undisclosed amount.
Proteus Power incorporates a total of 15.5 GW of utility-scale
renewable energy projects, including utility-scale solar and
battery energy storage systems (BESS). From 2024-2028, nearly 5 GW
of both utility-scale solar and battery energy storage should be
developed at an estimated EPC (Engineering, Procurement, and
Construction) cost of $3.382 billion.
Proteus Power projects include multiple ISOs (independent system
operators): ERCOT West, ERCOT Houston, ERCOT North, ERCOT South,
Miso LA/MS, Miso Illinois, Miso
Texas, and SPP South.
"I know the potential of renewable energy, both for our country
and for the small landowners and communities we work with," said
Billingsley. "Proteus Power is just the type of company I have
known and grown in the past, and we're perfectly positioned to make
it a very profitable company for our investors. In the near term,
this very substantial business will provide a multi-billion-dollar
boost to the Texas economy, from
Lubbock to Midland, across West
Texas and down to the Gulf Coast."
The transaction is subject to, among other things, the
finalization of a definitive, binding agreement and completion of
satisfactory due diligence. Pending the final acquisition (expected
Q4 2024), the Proteus Power headquarters in Houston will move to JBB Advanced
Technologies' headquarters in Carrollton,
Texas, with all current employees being retained, and a
branch office is planned to be located in Lubbock, Texas.
Proteus Power was formed in 2021 by industry veterans to develop
renewable energy projects across the
United States and Canada in
order to help accelerate the transition to a cleaner and more
sustainable energy future. The company's expertise covers the
development, financing, construction, and operation of
utility-scale renewable energy projects with a specific focus on
solar and battery storage.
"The Proteus Power development team is clearly among the best in
the renewable industry today," Billingsley said. "The company has
thrived under the leadership of Chief Development Officer
Dan Phillips, and we at JBBAT are
fortunate to inherit such a strong team to work with us as we move
forward to jump back in the energy transition."
ABOUT JBB ADVANCED TECHNOLOGIES
JBB Advanced Technologies, a Dallas-based holding company.
invests in disruptive businesses, including those in clean
renewable energy, blockchain, artificial intelligence, and
next-generation real estate. Through our Research and Development
Division, we are developing blockchain-based solutions for today's
world, including one to integrate ever-increasing amounts of solar
energy seamlessly into our electric grid for greater robustness and
resiliency. The company's renewable energy division develops and
deploys clean, affordable solar energy systems to commercial
concerns. The company also continues to cultivate a pipeline of
acquisition and partnership opportunities in both the private and
public sectors to catapult growth with a focus on technology
innovation from many diverse industries.
Media Contact:
Karla Neely
945.232.9755
384196@email4pr.com
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SOURCE JBB Advanced Technologies