Following Google’s acquisition of AI data center power producer Intersect and a subsequent business spinoff by Intersect investors, IPX Power has announced its formation and launch as an independent power producer.

Already sporting a 4.4-GW portfolio of solar energy assets, plus 8.8 GWh of battery storage, IPX serves utilities and other customers across California and Texas. The newly spun off company will play a “critical role” in the U.S.’s energy future, representatives say, as experts say the nation’s energy demand could call for 250 GW by 2030.

The company’s portfolio already includes Intersect’s former Oberon project in California, a 500-MWac site equipped with an additional 1 GWh of battery storage. In Texas, the company also operates the 640-MWac Lumina project in Scurry County, which also includes a 640-MWac battery system.

David Brochu, a longtime energy industry executive and former senior advisor for Intersect, has been named the new company’s CEO.

“I am incredibly proud to stand alongside this world-class organization, whose grit and expertise have created a true powerhouse in the energy sector,” says IPX Power CEO David Brochu. “Building on this foundation, we are on track to construct and bring to operation billions of dollars in new assets, including the world’s largest battery energy storage system, and gigawatts of new generation.”

Alongside Brochu, the company has appointed former Intersect chief investment officer Nick Pape as CFO, and former Intersect VP Todd Johansen as CCO. Additionally, former Intersect COO John K. Martinez will be taking up the same position at the new company.

The newly launched company will be backed by several established institutions, including TPG Rise Climate, Climate Adaptive Infrastructure, and Greenbelt Capital Partners, the company says.

Building and bolstering the portfolio

Steven Mandel, a partner at TPG, says IPX will be an energy entity worth supporting, as it already boasts some of the largest renewable energy assets in the country. The company’s customers already include “some of the nation’s largest energy users and clean energy investors,” according to officials. Clients range from utility companies to energy service providers, to larger corporate entities and community choice aggregators.

As the firm continues to energize gigawatt-scale projects, it has one massive asset in the pipeline that could truly set it apart from the pack in the form of one of the largest battery storage systems in the world.

“Under the new IPX brand and with the existing team, the company continues to be well positioned to meet rapidly growing power needs across the country,” adds Ed Beckley, managing partner of TPG Rise Climate.

Glenn Jacobson, managing partner at Greenbelt Capital Partners, says the company is set to emerge as a “proven leader” in renewable energy generation. He touted the new firm’s existing portfolio of renewable assets, and says his company is looking forward to supporting further project growth.

“As a founding investor in Intersect Power, we are excited to participate in this next chapter of the evolution of this team and its critical work to deliver some of the most important energy infrastructure in North America,” says Bill Green, founder and managing partner at Climate Adaptive Infrastructure. “This team’s track record speaks for itself and their financial acumen combined with boots on the ground expertise will continue to set them apart in the market.”

Details on the size, location, and energization date of the large IPX battery project are still unknown.

Tags: BESS, Independent power producer, Intersect Power, IPX Power, project, utility, utility-scale