Climate First Bank Finances Two Battery Energy Storage Systems on Virginia’s Eastern Shore

Climate First Bank, the world's first FDIC-insured, values-based, digital-forward community bank founded to combat the climate crisis, announced it had financed two, utility-scale battery energy storage systems - delivering a total of 20MWs of power and 80MWhs of storage - along Virginia's eastern shore.

Developed by Patterson Enterprises in partnership with battery manufacturer, Great Power; the investment will provide a major boost to the region's grid resilience and community sustainability in the towns of Exmore and Tasley.

The projects support Virginia's Clean Economy Act goal of 100 percent clean energy by 2050 and monetizes through energy arbitrage, storing electricity when supply is abundant and releasing it during peak demand. 

Chris Cucci, EVP, Chief Strategy Officer at Climate First Bank, said "These projects mark a significant milestone in sustainable infrastructure in the region - stabilizing energy costs, supporting local investment, and advancing clean energy goals. We remain committed to financing climate-resilient infrastructure that benefits communities economically and environmentally and are proud to support reliable energy for the Eastern Shore."

Harold Patterson, CEO of Patterson Enterprises, said "In all our years of doing business, we have never been involved in projects more important-or more exciting-than those in battery energy storage. The U.S. electric grid needs energy storage now more than ever, and that need will only intensify as industries evolve and power consumption rises to meet growing demand. We are deeply passionate about the work we're doing and are proud to partner with a forward-thinking institution like Climate First Bank, which shares our commitment to a sustainable energy future."

"We're proud of this deployment as we continue working toward a more resilient and affordable energy future," said Evan Bierman, President of Great Power.

NEW BATTERY ENERGY STORAGE SYSTEMS IN VIRGINIA

Grid Reliability: Helps prevent blackouts and brownouts during peak usage 

Cost Stabilization: Reduces electricity rate volatility for residents and businesses

Local Revenue:

• Voluntary donations to localities and local charitable organizations totaling $200,000.

• Annual revenue share of $1,400 for governing authority per MW at each participating site.

• Increased real estate and business tax revenues 

Local Investment: The projects are built near A&N Electric Cooperative substations in Exmore and Tasley.

Battery Technology: The projects include lithium iron phosphate (LiFePO4) batteries, known for their safety and environmental performance, and include modular steel containers for fire safety and system isolation.

Climate First Bank | www.climatefirstbank.com