Carrollton-based JBB Advanced Technologies has agreed to buy Houston-based Proteus Power, an international developer of utility-scale renewable energy, for an undisclosed amount.
The announcement was made by JBB founder, Chairman, and CEO John B. Billingsley, who launched one of the nation’s largest renewable energy companies, Tri Global Energy. In March, Dallas Innovates wrote about JBB Advanced Technologies selling its subsidiary digital marketing innovator Tronic to Tronic Ventures in a deal valued at roughly $12.25 billion in cash and shares.
“I know the potential of renewable energy, both for our country and for the small landowners and communities we work with,” Billingsley said in a statement. “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.”
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).
JBB said that 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 independent system operators: ERCOT West, ERCOT Houston, ERCOT North, ERCOT South, Miso LA/MS, Miso Illinois, Miso Texas, and SPP South.
The company said the expected close of the acquisition is the fourth quarter this year.
Aiming for a more sustainable energy future
Pending the final acquisition, the Proteus Power headquarters in Houston will move to JBB Advanced Technologies’ headquarters in Carrollton, with all current employees being retained, and a branch office is planned to be for Lubbock.
JBB said that Proteus Power was formed in 2021 by industry veterans to develop renewable energy projects across the U.S. 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.”
JBB Advanced Technologies said it invests in disruptive businesses, including those in clean renewable energy, blockchain, artificial intelligence, and next-generation real estate.
Through its R&D division, JBB is 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. JBB said its renewable energy division develops and deploys clean, affordable solar energy systems to commercial concerns.
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