Gridmatic Surpasses 1GWh of Energy Storage Under Management and Sees Major Growth in Retail Business
Leading AI-backed power marketer expands footprint in CAISO, ERCOT with customers including Energy Vault
CUPERTINO, Calif.–(BUSINESS WIRE)–Gridmatic, the industry-leading AI-enabled power marketer, today announced major growth milestones in its energy storage and retail businesses, reflecting the critical need for AI-powered forecasting and expertise to provide predictability, automation, and optimization for asset owners and commercial and industrial customers.
Under its storage business, Gridmatic has established a strong footprint in ERCOT and CAISO, the two largest and fastest-growing markets for battery energy storage. Cumulatively, Gridmatic has inked a total of 300 MW / 1 GWh under management, with projects including a system in Texas deployed by Energy Vault (NYSE: NRGV). In addition to its growing portfolio, Gridmatic’s AI has proved to have dramatically improved battery storage performance and revenue generation across its portfolio. Gridmatic’s ERCOT BESS revenue in the first half of 2024 was $113/kW/year annualized — a 61% revenue uplift versus the average ERCOT revenue of $70/kW/year annualized for the same time period.
“We’re seeing significant interest from storage owners, in part due to our ability to offer differentiated solutions such as a guaranteed revenue floor and shared revenue above the floor,” said David Miller, Chief Commercial Officer of Gridmatic. “Further, Gridmatic is the leader in Day Ahead Real Time Trading in ERCOT, a critical capability as real time energy revenue becomes a greater focus for storage systems in the growing ERCOT market.”
Since launching as a Retail Energy Provider in ERCOT in early 2023, Gridmatic Retail has grown significantly, and is serving a diverse book of commercial and large data-center opportunities. Gridmatic Retail offers stable, predictable clean energy contracts designed to reduce costs for commercial and industrial energy users. Gridmatic Retail also offers next-generation retail energy solutions, including Time-Matched Renewables, customized solutions for large flexible loads, and advanced solutions for clients with variable and complex energy needs.
“The momentum we’re experiencing across our trading, storage, and retail lines of business isn’t just a sign of our own growth — it’s an indication of where the energy industry is heading,” said Matt Wytock, CEO and Founder of Gridmatic. “The future belongs to AI-enabled power marketers who can integrate advanced forecasting with real-time market dynamics. By harnessing AI-based forecasting to predict supply, demand, and pricing, we are creating synergies that drive stability, efficiency, and value across the energy landscape, accelerating the shift toward an intelligent, responsive grid.”
About Gridmatic
Unlike traditional power marketers, Gridmatic uses AI to optimize renewable energy and battery storage participation in wholesale markets by forecasting energy supply, demand, and pricing. Leveraging market-proven algorithms, Gridmatic is able to provide stability, predictability, and automation for energy buyers, sellers, and storage owners amid increasing volatility. Gridmatic supports storage owners in optimizing battery operation and managing risk by forecasting prices and accurately timing market participation to mitigate nonperformance events. Under Gridmatic Retail, the company offers advanced solutions for businesses with complex energy needs to hit carbon reduction goals, including time matched, variable load and carbon-free energy products. With its industry-leading AI, Gridmatic is working to accelerate the transition to net zero and balance the renewable-powered grid. For more, visit https://www.gridmatic.com.
Contacts
Media
Leo Traub
646-883-3562
gridmatic@antennagroup.com