Elevate and ArcLight Bring Prospect Power Online; Largest Standalone Battery Storage Facility in PJM Supports Virginia's Expanding Energy Needs

Representatives from Elevate, ArcLight, Dominion Energy, state and local officials, community leaders, and project partners gathered to commemorate the completion of Prospect Power, the largest standalone battery storage asset in Virginia and the PJM Interconnection. The facility will play a critical role in supporting grid reliability, enhancing system flexibility, and meeting rapidly growing electricity demand across the Commonwealth.

"Today marks an important milestone for Elevate and for Virginia's energy future," said Joshua Rogol, Chief Executive Officer of Elevate. "Prospect Power demonstrates how Elevate executes utility-scale battery storage at scale to strengthen grid reliability, support economic growth, and help meet the increasing energy needs driven by data centers, artificial intelligence, and electrification. We are proud to bring this critical project into operation and grateful to our investors, partners, local stakeholders, and the Rockingham County community for helping make this project a reality."

Prospect Power reflects Elevate's broader strategy to invest in and operate critical energy infrastructure in markets experiencing rapid growth in electricity demand. Backed by ArcLight, Elevate is building a portfolio of utility-scale battery storage assets designed to strengthen grid reliability and support long-term economic growth.

"ArcLight has been investing and helping to build critical electric infrastructure for more than two decades, and Prospect Power represents the type of infrastructure the market needs to help support this next phase of growth," said Angelo Acconcia, Managing Partner of ArcLight Capital Partners. "As power needs accelerate, driven by AI infrastructure, reshoring, and electrification, we believe battery storage will play an increasingly important role in providing both grid capacity and reliability and Elevate is at the forefront of this."

Prospect Power is capable of delivering up to 150 MW of fast-response power and storing 600 MWh of energy, providing flexible capacity that can help balance supply and demand, manage peak loads, and improve overall grid performance. As electricity demand continues to accelerate across Virginia and the broader PJM region, battery storage resources are becoming an increasingly important component of a reliable and resilient electric grid.

"Battery storage is playing a growing role in supporting a reliable, resilient and diverse grid," said Stu Bresler, Chief Operating Officer of PJM. "This project increases battery storage capacity within PJM by more than 50%, marking a significant milestone for energy storage in our region. Resources like this add flexibility to the grid and help support reliability as demand continues to grow."

Prospect Power comes online as Virginia is advancing policies and investments aimed at strengthening the electric grid and supporting long-term economic development, with battery storage playing an increasingly important role in that strategy.

"As Virginia's energy needs continue to grow, projects like Prospect Power help ensure that we can maintain a reliable, affordable, and resilient electric grid for families and businesses across the Commonwealth," said Josephus Allmond, Virginia's Chief Energy Officer. "Utility-scale battery storage is becoming a key part of our energy strategy, helping maximize the value of existing infrastructure while providing the flexibility needed to meet rising demand. Governor Spanberger recently signed legislation to encourage additional battery storage development across Virginia, and Prospect Power demonstrates the kind of forward-looking investment that will help support both economic growth and long-term energy reliability."

Located in Rockingham County and strategically positioned to support one of the nation's fastest-growing electricity markets, Prospect Power is fully contracted under a 15-year power purchase agreement with Dominion Energy Virginia.

"Prospect Power demonstrates the strength of partnership and progress in action," said Cedric Green, Senior Vice President of Power Generation for Dominion Energy Virginia. "This project adds critical flexibility and reliability to the grid, helping ensure we can deliver power when our customers need it most while supporting Virginia's growing energy needs."

Beyond its contributions to grid reliability, Prospect Power is expected to deliver lasting benefits to Rockingham County through revenue-sharing payments and property tax contributions. The facility is also an annual sponsor of the Rockingham County Fair, demonstrating Elevate's commitment to being an active and engaged member of the community.

ArcLight and Elevate acquired Prospect Power in January 2026 as part of Elevate's strategy to develop, acquire and operate utility-scale battery storage assets in high-growth power markets where reliability, flexibility, and speed-to-market are increasingly critical. The completion marks the latest milestone in Elevate's expanding platform. In March, the New Jersey Board of Public Utilities selected Elevate's 150 MW / 600 MWh Garden State Reliability Project as part of the Garden State Energy Storage Program. In April, Elevate closed a $50 million Energy Transition Supplier Finance Facility supporting a solar and battery storage project contracted to power a data center, and the company also submitted 7,600 MWhs of new battery energy storage into the latest PJM queue process.

As electricity demand continues to rise across the United States, driven by data centers, advanced manufacturing, artificial intelligence, and electrification, Elevate and ArcLight are helping ensure reliable power is available where needed most. By delivering flexible, utility-scale energy infrastructure in high-growth markets, Elevate and ArcLight are helping build the infrastructure that powers communities, businesses, and the digital economy.

About Elevate

Elevate is helping build the energy infrastructure needed for an expanding economy. As electricity demand grows, from new technologies, data centers, and increasing electrification, reliable power has never been more important. We develop large-scale battery storage projects that help keep the lights on, make the grid more resilient, and allow more clean energy to be used when people need it most. Elevate is a portfolio company of ArcLight Capital Partners, a leading infrastructure investor. For more information, visit www.elevateinfra.com.

About ArcLight

ArcLight is a leading infrastructure investor which has been investing in critical electrification infrastructure since its founding in 2001. ArcLight has owned, controlled or operated ~70 GW of assets and 48,000 miles of electric and gas transmission and storage infrastructure representing more than $80 billion of enterprise value. ArcLight has a long and proven history of value-added investing across its core investment sectors including power, hydro, solar, wind, battery storage, electric transmission, natural gas transmission, storage infrastructure and digital power to support the growing need for power, reliability, security, and sustainability. ArcLight's team employs an operationally intensive investment approach that benefits from its dedicated in-house strategic, technical, operational, and commercial specialists, as well as the firm's ~2,000-person asset management partner. For more information, please visit www.arclight.com. References to "ArcLight" herein refers to ArcLight Capital Partners, LLC and/or its managed investment vehicles, as the context requires.

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SOURCE Elevate Infrastructure