JBB Advanced Technologies announces a major new acquisition in the renewable energy sector.** The founder, chairman, and CEO of the company, John B. Billingsley, has formalized the signing of an exclusive letter of intent to purchase Houston-based Proteus Power. The deal, whose amount has not been disclosed, could significantly increase JBB Advanced Technologies’ renewable energy assets.
Proteus Power, founded in 2021, has a portfolio of 15.5 GW of renewable energy projects, including large-scale solar installations and battery energy storage systems (BESS). The company aims to develop nearly 5 GW of these projects between 2024 and 2028, with a total estimated cost of $3.382 billion for engineering, procurement, and construction (EPC). These projects will be spread across multiple independent system operators (ISO) in the United States, including ERCOT West, ERCOT Houston, and MISO Texas.
A strategic expansion for JBB Advanced Technologies
The acquisition of Proteus Power is part of JBB Advanced Technologies’ strategy to strengthen its presence in the renewable energy market, particularly in Texas. Proteus Power’s headquarters, currently located in Houston, will be relocated to JBBAT’s headquarters in Carrollton, Texas. Additionally, the company plans to open a new branch office in Lubbock, Texas, to manage the new assets.
According to John B. Billingsley, the integration of Proteus Power could generate significant economic benefits for Texas, with projects extending from Lubbock to Midland and down to the Gulf Coast. Billingsley also expressed his confidence in the potential of renewable energy, highlighting the positive impact of these projects on small communities and local landowners.
Key expertise in solar and storage project development
Proteus Power, under the leadership of its Chief Development Officer Dan Phillips, has quickly established a strong reputation in the industry thanks to its experienced development team. Their expertise spans all aspects of project life cycles, from initial design to commercial operation. “The energy transition requires competent and committed players, and we are excited to bring a team of this caliber on board,” Billingsley added.
An agreement subject to the finalization of negotiations
The acquisition agreement remains conditional upon the conclusion of a definitive agreement and satisfactory due diligence. Under the current terms, the transaction could be finalized by the end of the fourth quarter of 2024, thus solidifying JBB Advanced Technologies’ position as a key player in the energy transition in the United States and beyond.
By integrating Proteus Power, JBB Advanced Technologies could benefit from a rapid expansion of its operational capabilities, thereby increasing its short-term growth prospects while contributing to the national energy transition.
