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Highland Electric Transportation raises $253M to accelerate electrification of school fleets
Highland Electric Transportation, a provider of turnkey fleet solutions delivering the latest in zero-emission technologies to school districts and fleet managers, has raised $253 million to accelerate its growth. The financing was led by Vision Ridge Partners with participation by Fontinalis Partners and existing investors.
Highland reduces the complexity of going electric by providing customers a full-service solution of electric vehicles that are owned, powered, and maintained by the company. This all-inclusive transportation-as-a-service model is the simple and cost-effective way for districts to transition their fleets.
With technology solutions allowing vehicles to optimally charge and provide grid services, Highland is helping customers improve energy efficiency and resiliency.
Battery plants have established themselves in the sunny Southwest, but this week was the first time they won big in New England.
San Francisco-based developer Plus Power won two bids in the latest capacity auction held by the New England ISO, which operates the transmission grid and competitive power markets in six Northeastern states. That means that these two battery plants offered a compelling enough price to edge out some fossil fuel plants for delivering power on demand. And they did it without any help from federal tax credits because none of them apply to standalone batteries.
Plus Power now needs to build the plants: a 150-megawatt/300-megawatt-hour system near a cranberry bog south of Boston, Massachusetts and a 175-megawatt/350-megawatt-hour battery in Gorham, Maine. The seven-year capacity contracts start in June 2024.
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The following is a contributed article by Steven Schleimer, senior vice president of government and regulatory affairs at Calpine Corporation.
In his dissent to a Nov. 19, 2020, Federal Energy Regulatory Commission Order on Rehearing related to ISO New England s Competitive Auctions with Sponsored Policy Resources (CASPR) construct (Docket ER18-619-001), Chairman Richard Glick questions the need for a Minimum Offer Price Rule (MOPR) and whether the concept of investor confidence should be a lodestar that matters in FERC s decision-making. Regardless of how the debate on any particular market mechanism plays out, it is of course true that investors countenance investments based on the expectation that they can recover their capital (including an adequate return). The key market design question is whether investors or ratepayers should bear the risk that the investment choices were sound.