JBB Advanced Technologies (JBBAT) has signed a letter of intent to purchase Houston-based Proteus Power for an undisclosed amount.
Proteus Power incorporates 15.5 GW of utility-scale renewable projects, including solar and battery energy storage systems. The projects also include 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,” says John B. Billingsley, JBBAT CEO.
“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.”
Pending the final acquisition, expected later this year, the Proteus Power headquarters in Houston will move to JBBAT headquarters in Carrollton, Texas, with all current employees being retained and a branch office planned to be located in Lubbock, Texas.
Proteus Power was formed in 2021.