Protecting Our Grid Lines

Crux, the capital markets technology company for the clean economy, announced the successful facilitation of an investment tax credit (ITC) transfer for 174 Power Global’s Ho’Ohana project, a co-located solar and battery energy storage system located in Oahu, Hawaii. Foss & Company, a leading institutional investment fund sponsor, represented an anonymous tax credit buyer in the transaction.

The Ho’Ohana project plays a critical role in bolstering grid stability on Oahu and aligns with Hawaii’s ambitious goals for renewable energy adoption. The battery storage system’s robust safety profile and long-term warranties provided added confidence for investors, particularly given the unique technical and regulatory challenges of deploying energy storage in an island environment.

Crux served as a hands-on transaction partner for 174 Power Global, helping to evaluate potential buyers, providing proprietary market data to guide the deal, and assisting with internal approvals. Crux handled initial investor outreach and vetting, helping 174 Power Global to close the transaction while the project was still under construction and commissioning. They also leveraged Crux’s extensive network of third-party advisors to ensure counterparties had trusted partners to support diligence and transaction closing. 

Transactions like Ho’Ohana demonstrate how tax credit transferability is expanding access to capital for advanced and resilient clean energy projects nationwide. Transferable tax credits have become an integral part of the broader, interconnected financing market behind the U.S. clean energy and manufacturing sector. Last week, Crux released its first debt capital report detailing this intersectionality within financing, and critical lending and investment dynamics at play in 2025.

“Given the large size of the project and unique investment parameters, 174 Power Global needed a partner with a strong understanding of both market challenges and the transferable tax credit space,” said Alfred Johnson, CEO and co-founder of Crux. “We’re proud to have helped bring together the right counterparties to enable this transaction and accelerate the deployment of grid-supporting clean energy infrastructure.”

Crux launched in early 2023 to supercharge the clean economy by making capital markets more liquid, efficient, and intelligent. The company first tackled the nascent transferable tax credits market: developing the central marketplace for transfers; assembling an expert team; and providing leading market intelligence to help developers and manufacturers exchange tax credits for private sector investment into their companies. To date, Crux has facilitated more than 75 transactions totalling billions of dollars in tax credits across advanced manufacturing, battery storage, bioenergy, critical minerals, geothermal, hydropower, microgrids, solar, and wind. More than 630 market participants use Crux’s platform. 

In March 2025, Crux launched its debt marketplace, opening up access to a range of debt products alongside Crux’s powerful transferable tax credit marketplace. By integrating tax credit transfers with a broader suite of financing solutions, Crux helps developers, manufacturers, lenders, tax credit buyers, and intermediaries navigate all stages of capital formation. 

The debt marketplace already includes a network of over 100 developers and manufacturers who are raising over $11 billion in debt capital. More than 90 banks, credit funds, asset managers, insurance companies, pensions, and family offices are part of the Crux network and have collectively issued over $1.3 billion in term sheets for debt products in the last quarter alone. 

Crux | https://www.cruxclimate.com/

174 Power Global | https://174powerglobal.com

Foss & Company | www.fossandco.com

Oklo Inc. (NYSE: OKLO), an advanced nuclear technology company, has been issued a Notice of Intent to Award (NOITA) by the Defense Logistics Agency Energy (DLA Energy), on behalf of the Department of the Air Force (DAF) and the U.S. Department of Defense, to provide clean, reliable power through the deployment of an Aurora powerhouse at the Air Force installation selected for the project.

This project serves as the DAF’s microreactor pilot to enhance energy resilience and reliability for critical national security infrastructure. The NOITA again designates Oklo as the apparent successful offeror following a comprehensive evaluation process.

Under the terms of the anticipated agreement, Oklo would design, construct, own, and operate the power plant, delivering both electricity and heat to the DAF’s preferred installation, Eielson Air Force Base in Alaska, under a long-term power purchase agreement.

“This Notice of Intent to Award reflects continued confidence in Oklo’s ability to deliver clean and secure energy solutions for mission-critical infrastructure,” said Jacob DeWitte, Co-Founder and CEO of Oklo. “We are honored to support national defense resilience objectives while demonstrating the value of U.S.-pioneered fast reactor technology.”

Oklo’s Aurora powerhouse design leverages proven fast reactor technology to provide continuous, resilient energy that can operate independently from the grid—key attributes for energy security at remote installations like Eielson Air Force Base.

Olko | https://oklo.com/overview/default.aspx

Volt Lithium Corp. (TSXV: VLT | OTCQB: VLTLF | FSE: I2D) (“Volt” or the “Company”), soon to become LibertyStream Infrastructure Partners Inc., pending shareholder approval, announces the upcoming final assembly and deployment of its proprietary mobile Direct Lithium Extraction ("DLE") unit in North Dakota’s Bakken region, with commissioning scheduled for the second half of June 2025. This initiative, in collaboration with Wellspring Hydro (“Wellspring”), is supported by a combined US$2.5 million in funding facilitated through the North Dakota Industrial Commission’s Clean Sustainable Energy Authority and Renewable Energy Program.

“Wellspring and the State of North Dakota are excited to commence field operations with Volt in North Dakota in the second half of June,” commented Mark Watson, President and CEO of Wellspring. “Volt is the only DLE company that the State Of North Dakota has funded to date”, added Mr. Watson. “Based upon the successful lithium extraction results at Volt’s R&D Facility in Calgary, both groups have full confidence Volt’s proprietary lithium extraction unit will be successful in the field.”

The upcoming name change to LibertyStream Infrastructure Partners Inc., reflects the Company’s ongoing strategy to partner with key oilfield infrastructure players in the US to extract lithium, a valuable critical mineral, from the significant streams of produced water associated with oil and gas production.

Key Highlights:

• Proprietary Technology and Process adapts to multiple brine chemistries, driving Volt’s Expansion to the Bakken in North Dakota
• Strategically positioned in North America’s two largest oil-producing basins (Permian and Bakken).
• Permian potential: up to 170,000 tonnes of Lithium Carbonate Equivalent (LCE) annually.
• Bakken potential: up to 50,000 tonnes of LCE annually, nearly 3x higher lithium concentration compared to the Permian.
• Building active inventory of lithium chloride and converting to high-purity lithium carbonate for potential off takers.
• Deployed, scaled and optimized North America’s largest operational DLE system (10,000+ barrels/day) within six months of initial deployment.

Proprietary Technology and Process Driving Volt’s Expansion to the Bakken in North Dakota

Volt’s proprietary operating system has been built to partner with existing salt-water disposal (“SWD”) operators in oilfields across the US and the Company’s proprietary extraction compound (the “Media”) is tailored to extract lithium from oilfield brines. This partnership model reduces capital and operating costs compared to developing a traditional greenfield lithium extraction facility. By integrating our DLE units with existing infrastructure, Volt accelerates its path to production and enhances project economics in several key ways:

• Capital Savings: We eliminate the need for costly and time-intensive greenfield development, including drilling new wells, extensive land acquisition, and building new pipeline networks. Our units tie directly into the partner’s SWD facilities; and
• Operating Savings: We tap into a continuous stream of lithium-rich brine that is already being brought to the surface as part of daily oilfield operations.

The combination of Volt’s proprietary operating system and Media has facilitated the Company’s significant growth from lab scale production in 2024 at its Research and Development Facility (“R&D Facility”) in Calgary, Alberta to its field operating system in the Permian Basin capable of processing 10,000 barrels of brine per day in 2025.

With the Bakken field unit, Volt aims to demonstrate that its proprietary, modular DLE process can capture value across both high‑volume, lower‑grade brines and higher‑concentration resources—showcasing basin‑agnostic versatility and the potential for improved project economics in multiple North American basins.

Strategic Significance: North American Lithium Leadership

Volt Lithium now holds strategic footholds in North America’s two most prolific onshore oil-producing basins—the Permian in Texas and New Mexico, and the Bakken in North Dakota. Together, these basins represent over 60% of total U.S. onshore oil output, providing significant opportunities for lithium extraction from extensive lithium-rich produced water volumes.

The Permian Basin alone generates approximately 19 million barrels per day of produced water at lithium concentrations averaging around 30 ppm, translating to a conservative 170,000 tonnes per annum ("tpa") of potential LCE.

The Williston Basin Bakken production ranges from 1.6 million to 2 million barrels of produced water per day. Internal lab tests on Bakken brine samples show lithium concentrations reaching 90 ppm—nearly three times Permian grades, suggesting potential production of ~50 000 tpa LCE.

Commercial Readiness and Market Engagement

Volt is building an inventory of lithium chloride from its Permian Basin operations and has initiated converting this inventory into lithium carbonate, achieving purity levels suitable for premium-specification offtake agreements. Samples are being distributed to potential offtake partners to facilitate commercial partnerships and validate product specifications.

Operational Milestones & Scalability

In September 2024, Volt deployed its first DLE field unit in the Permian Basin, subsequently scaling up to its Generation 5 unit by February 2025. This rapid scaling resulted in North America’s largest operational DLE system, capable of processing over 10,000 barrels per day of produced water.

The upcoming Bakken mobile deployment represents further lateral expansion, validating the modular technology’s adaptability across basins and showcasing its potential for rapid replication and scaling.

North Dakota Unit Field Deployment, High-Level Stakeholder & Government Engagement

Volt is in the final stages of assembling its mobile Field Unit for deployment and commissioning in North Dakota in the second half of June 2025. Volt’s field trial will be processing brine from the Bakken formation. The Bakken represents the second largest producer of brine in the continental USA, processing up to 2 million barrels of brine per day at lithium concentrations up to 90 ppm. While conducting the field trial, Volt and Wellspring Hydro look forward to hosting representatives from the following key stakeholder groups:

• State of North Dakota Representatives and Leadership
• North Dakota State Senators
• North Dakota Department of Commerce Leaders
• North Dakota Trade and Financial Leaders
• Key Industry Stakeholders

These stakeholders, along with interested investors, will participate in site visits during both commissioning and operational phases, gaining firsthand insights into the technology’s scalability and strategic impact.

Volt Lithium | https://voltlithium.com/

Standard Nuclear, Inc., a reactor-agnostic producer of TRISO nuclear fuel, announced its launch from stealth with $42 million in total funding led by Decisive Point with participation from Andreessen Horowitz, Washington Harbour Partners, Welara, Fundomo, and Crucible Capital.

As power demands surge for data centers, energy-intensive industries, and transportable energy solutions in defense and remote locations, Standard Nuclear is focused exclusively on supporting the advanced nuclear fuel supply chain through scaled production of TRISO, a critical and highly durable fuel for advanced nuclear reactors. Following decades of U.S. Department of Energy (DOE) scientific research, in 2019, the U.S. Nuclear Regulatory Commission (NRC) issued a safety evaluation report confirming the exceptional performance and robust safety profile of TRISO fuel, marking a significant step toward its use in advanced nuclear reactors.

Next-generation nuclear reactors, such as small modular reactors (SMRs) and micro reactors, will drive the future of reliable and flexible energy, but these systems require specialized advanced nuclear fuels to unlock their full potential. Currently, few companies are producing TRISO fuel, and production is limited to small batches for their own proprietary reactor designs. As the country’s first and only independent TRISO fuel manufacturer without reactor development operations of its own, Standard Nuclear’s model strengthens the advanced reactor supply chain by providing a reliable, independent source of fuel.

Standard Nuclear owns and operates a set of fully equipped commercial-scale facilities totaling 19,000-square-feet that sit on its 36.8 acre campus located at the former K-25 Nuclear site in Oak Ridge, TN. The Company operates its fully permitted radiological facilities to manufacture and supply TRISO fuel forms with varying specifications for its multiple commercial and government customers.

“As the demand for power accelerates, nuclear is a clear and practical solution. Advanced nuclear fuels like TRISO for small modular and micro-reactors are necessary to unleash American energy dominance and enable a future with abundant power,” said Thomas Hendrix, General Partner at Decisive Point and Executive Chairman of Standard Nuclear. “With the capital from this funding round, Standard Nuclear is positioned to deliver on our growing customer orders, accelerate our growth, and fill the domestic supply gap. We are rapidly scaling TRISO fuel production to advance our mission of securing the domestic supply chain and achieving energy independence.”

The Standard Nuclear team is comprised of over two dozen employees with 150+ years combined DOE National Lab experience. Founded in 2024, the company has booked $5 million in contracts in the first quarter of 2025, and signed a major fuel offtake agreement for over 1 MTU of fuel with an additional 1.5 MTU in negotiation, representing more than $100 million in non-binding fuel sales for 2027. In just a few months, the company has established strategic customer relationships for its various products and services with a diversified group of commercial and government customers including Radiant Industries, Antares, Nano Nuclear Energy, Jimmy Energy, The U.S. Department of Energy National Laboratories, and the Department of Defense.

“Most of the long-anticipated wave of advanced reactors finally arriving to market are harnessing the unique, inherent advantages of TRISO fuel—benefits that have been validated through decades of DOE and NRC investment and scientific rigor,” said Dr. Kurt Terrani, PhD, Chief Executive Officer of Standard Nuclear. “These reactors can’t run without fuel, and we’re here to ensure there are no uncertainties in that supply. We’re not just delivering TRISO fuel at scale—we’re doing it at a cost that enables a robust, competitive, and sustainable advanced reactor industry.”

TRISO — The Most Robust Nuclear Fuel on Earth

Tristructural Isotropic (TRISO) particle fuel is composed of tiny uranium-bearing spheres encapsulated by successive layers of carbon and ceramic-based materials. Each TRISO particle, about the size of a poppy seed, acts as its own containment system for uranium and its radioactive fission products and eliminating the possibility of a meltdown event. The unique coated layer structure of TRISO particles enhances fuel performance and safety, making TRISO particularly well-suited for high-temperature gas-cooled reactors (HTGRs) and other emerging advanced nuclear reactors. TRISO production has been substantially de-risked, as its design and manufacturing processes have matured over six decades. Initially developed in the late 1950s and early 1960s for the Dragon Reactor, an HTGR, the technology saw meaningful advancements in the following decades. After various phases of research, development, and occasional dormancy, the U.S. Department of Energy revived and began further improving TRISO fuel in 2002 with the Advanced Gas Reactor (AGR) Fuel Development and Qualification Program, focusing on modernization of the manufacturing and quality control methods, as well as irradiation performance tests of UCO fuel kernel system.

The AGR program paved the way for further advancements in TRISO fuel, setting an international record by demonstrating that TRISO fuel could safely withstand temperatures up to 1800°C throughout a multi-year campaign led by Idaho National Laboratory (INL) and supported by Oak Ridge National Laboratory (ORNL). According to INL, the fuel performed even better than they expected. Based on these results, the NRC reviewed the data and gave a safety approval in 2019, further advancing TRISO’s widespread adoption as the premiere fuel for next-generation nuclear reactors.

Because of its excellent performance and safety qualities, TRISO fuel will be used in the vast majority of new reactor designs.

Standard Nuclear | https://www.standardnuclear.com/

Energy Vault Holdings Inc. (NYSE: NRGV) ("Energy Vault" or the “Company”), a leader in sustainable, grid-scale energy storage solutions, announced the successful completion and start of commercial operation of the 57 MW two-hour Cross Trails BESS in Scurry County, Texas. The project, which marks the first fully executed asset under Energy Vault’s “Own & Operate” growth strategy, was completed ahead of schedule and will be supported by a 10-year offtake agreement with Gridmatic, a leading AI-enabled power marketer.

The Cross Trails BESS is now operating to provide energy and ancillary services to meaningfully support renewable energy production and improve grid resiliency in the Electric Reliability Council of Texas (ERCOT) region. Energy Vault notably achieved mechanical completion of the Cross Trails BESS ahead of schedule, successfully meeting all construction milestones through effective project management and close collaboration among engineering, procurement, and construction teams. Commissioning began immediately thereafter, and ERCOT’s Checklist Part 3—including all required commissioning tests and documentation—was also completed early, allowing the project to enter commercial operation ahead of plan. This accelerated timeline was further enabled by Energy Vault’s second-generation B-VAULT AC system, whose modular, pre-integrated design supports rapid installation and energization.

The BESS leverages Energy Vault's fully integrated solution stack of hardware, software, and service offerings. Cross Trails will also serve as the first deployment of Energy Vault's second-generation B-VAULT AC product, enabling Energy Vault to deliver the system quickly and at low cost while also providing higher levels of system availability in the ERCOT region. The system is equipped with Energy Vault’s VaultOS Energy Management System to control, manage and optimize the BESS operations.

Importantly, the offtake agreement is the first physically settled revenue floor contract to be signed for a BESS in ERCOT. The agreement is backed by Gridmatic’s previously announced Energy Storage Fund, and will provide both Energy Vault and Gridmatic with the benefit of Gridmatic’s AI-based forecasts, which have delivered the top Day Ahead energy trading results in the ERCOT market. As part of the agreement, Gridmatic will also provide QSE services.

“This milestone demonstrates the unique ability of the Energy Vault team to execute complex energy storage deployments with speed, quality, and attractive economics,” said Marco Terruzzin, Chief Revenue Officer, Energy Vault. “Completing Cross Trails ahead of schedule and achieving ERCOT certification early is a testament to our team’s expertise and the commitment of the entire leadership team to delivering long-term, sustainable shareholder value under the ‘Own & Operate’ growth strategy announced in 2024.”

The completion of the Cross Trails BESS marks a significant milestone related to Energy Vault’s “Own & Operate” strategy, demonstrating the Company’s ability to execute on its strategic vision while maximizing capital efficiency. This project serves as a reflection of the Company’s ability to leverage its expertise in designing, building and operating energy storage assets under the most efficient capital and operating expense profiles, supported by its project financing and ITC sales engagements which will continue to put cash back on the balance sheet.

Energy Vault | www.energyvault.com 

Consolidated Asset Management Services (CAMS), a fully-integrated service provider for energy infrastructure asset owners, announced that it was awarded a contract by Gore Street Energy Storage Fund plc  (LON: GSF), a leading global developer and owner of battery energy storage systems (BESS), to provide comprehensive operations and maintenance (O&M) services for its Big Rock BESS project.  

CAMS’ scope for the Big Rock BESS and neighboring Liebert Switchyard, which interconnects the adjacent 147 MW Campo Verde solar project with GSF’s BESS, encompasses a range of O&M services including preventative and corrective maintenance, remote operations, NERC compliance and advanced cybersecurity monitoring of the project’s information technology (IT) and operational technology (OT) infrastructure. CAMS will leverage years of operating history in the California Independent System Operator (CAISO) grid, along with best practices gathered across the 5-gigawatt-hour of BESS projects it supports across the United States, to ensure the project always operates in a safe and efficient manner.

Located in El Centro, California, the 400-megawatt hour standalone Big Rock BESS project provides critical reliability, resiliency, and peak load capacity to CAISO. The project secured a 12-year fixed-price Resource Adequacy (RA) contract worth over $165 million with J. Aron & Company LLC, a subsidiary of the global investment bank. This RA contract will start in Summer 2025 and is fully ‘stackable’, meaning that GSF can combine it with other revenues from wholesale trading and ancillary services. The RA contract will account for 40% of the project’s revenue over its lifetime and support raising project-level debt due to its guaranteed revenues. Big Rock is also expected to receive an investment tax credit of up to 30% of qualifying capital expenditure under the Inflation Reduction Act. 

“CAMS is delighted to support Gore Street’s Big Rock project, which will play such a critical part in strengthening the flexibility and resiliency within CAISO,” said Brian Ivany, Executive Vice President of CAMS Energy Transition Services. “We look forward to a deep collaboration with Gore Street to ensure the highest level of availability and  longevity of the Big Rock BESS project.” 

“We are proud to partner with CAMS as the O&M service provider for our Big Rock BESS project,” said Daniel Sherlock-Burke, Head of Asset Performance at Gore Street Capital. “CAMS has already proven to be a valuable partner in bringing this ambitious project to the point of energization and in our run-up to commercial operations.” 

CAMS offers a comprehensive range of O&M services across all elements of BESS projects from modules through point of interconnection, 24/7 monitoring, advanced OT and IT cybersecurity services, and performance analytics. CAMS’ flexible delineation packages ensure the entire O&M scope is covered for both integrator and non-integrator deployed projects.  

CAMS | www.camstex.com 

Gore Street Energy Storage Fund | www.gorestreetcap.com

The entire line of residential batteries from Briggs & Stratton is now available from BayWa r.e. Solar Trade US, a leading distributor of top-tier solar and energy storage components and systems. Briggs & Stratton products available include its newest SimpliPHI 6.6  battery along with its AmpliPHI 3.8 battery, PHI 3.8 24V and PHI 3.8 48V batteries.

“BayWa r.e. Solar Trade US is an industry veteran that has established a robust reputation for its deep product knowledge, logistics expertise, technical training and customer support. We are very excited to partner with a company that shares our industry values and approach to the market in support of installers across the country. Having our batteries available for immediate shipment from their warehouses across the country will make our industry-recognized products more widely available to installers who are looking for a reliable and easy-to-install battery backup system,” says Sequoya Cross, vice president of energy storage for Briggs & Stratton Energy Solutions.

Briggs & Stratton SimpliPHI 6.6 batteries feature a number of advances that make installation easier. They have self-guiding RapidStak connectors that integrate power and communications into a single point without wires or DIP switches. The batteries simply stack on top of one another and click into place, making installation easier and more efficient. Assembling a stack of three can be done in five minutes or less. 

They are IP65 rated so they can be installed indoors or outdoors with no additional cabinets required. They can be ground- or wall-mounted inside a garage, shed, utility closet or basement or outside on an exterior wall. Plus, the flexibility of using one, two or three batteries per stack means the system can fit into compact spaces. 

In addition, the SimpliPHI 6.6 has full closed-loop integration with leading inverters for advanced communication and broad non-communicating compatibility with any 48V lithium-supporting inverter.

“We are pleased to welcome Briggs & Stratton to our supplier portfolio in the US. This partnership reflects our commitment to supporting our customers with a diverse offering of energy solutions. Our focus remains on supporting solar and energy storage installers with reliable, high-quality solutions that empower long-term success,” says Ken Lima, CEO of BayWa r.e.’s U.S. Solar Distribution business.

Tested and certified to the most stringent standards, the SimpliPHI 6.6 battery is UL 1642, UL 1973, UN 3480 and UN DOT 38.3 certified and has gone through UL 9540A fire safety testing. In 2024, it secured its UL 9540 Edition 3 certification as a standalone DC ESS and recently passed the earthquake vibration test (GR-63-CORE, Issue 5. Section 4.4.1) conducted by Element U.S. Space & Defense.

The SimpliPHI 6.6 battery has a 10-year limited warranty and is guaranteed to retain 75% capacity after 10 years.¹Plus, SimpliPHI batteries are backed by Briggs & Stratton’s 117 years of experience in power solutions.

In addition, the California Public Utilities Commission (CPUC) has designated Briggs & Stratton Energy Solutions an approved California Manufacturer. The company is one of six manufacturers with this distinction, which benefits California residents by allowing an additional 20% incentive for the state’s Self-Generation Incentive Program (SGIP). 

The company’s cobalt-free, lithium ferro phosphate (LFP) AmpliPHI^™ 3.8 kWh and PHI™ 3.8 kWh batteries are engineered and manufactured in Oxnard, California, have been used in installations around the world since 2010 and come with a 10- or 15-year limited warranty¹. The batteries are UL 1642, UL 1973, UN 3480, UL 9540A fire safety tested and UN DOT 38.3 certified and are certified to be installed in UL 9540 systems.

Briggs & Stratton | energy.briggsandstratton.com 

BayWa r. e. Solar Trade | http://solar-distribution.com