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Energy Vault and Jupiter Power Announce New Agreement for Battery Energy Storage System in Texas

LCG, June 4, 2025--Energy Vault Holdings Inc. (Energy Vault) and Jupiter Power (Jupiter) today announced the signing of an agreement for the supply of an additional battery energy storage system (BESS) at a Jupiter site in the Electric Reliability Council of Texas (ERCOT) region. The initial BESS project, located near Fort Stockton, Texas, was completed in July 2024, with a storage capacity 100 MW/200 MWh. The new BESS project will add another 100 MW/200 MWh of capacity. Construction has commenced, and the project is expected to achieve commercial operations by the end of this summer.

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NuScale Power Achieves Standard Design Approval from NRC for 77 MW SMR

LCG, May 30, 2025--NuScale Power Corporation (NuScale), a leading provider of advanced small modular reactor (SMR) nuclear technology, yesterday announced that it has received design approval from the U.S. Nuclear Regulatory Commission (NRC) for its uprated 77 MW power modules. NuScale states that it remains the only SMR technology company with design approval from the NRC, and the company remains on track for deployment by 2030, with 50- and 77-MW SMR options.

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Industry News

Mirant Debt Exchange Said to Have Significant Backing

LCG, June 30, 2003--Mirant Corp., which has so far narrowly avoided seeking bankruptcy due to liquidity problems, has said that an offer to bondholders to exchange unsecured bonds for secured bonds has the support of two-thirds of those holding the merchant power developer's debt.

The company stated that it believes it can gain the 85 percent support needed to go ahead with the restructuring, based on the support it says was indicated by an informal committee of bondholders. The secured bonds would mature in 2008, two years later than current bonds. Mirant has told banks that they would have equal priority with bondholders as concerns as much as $1.1 billion in claims.

Mirant has $8.9 billion worth of outstanding debt, and has a payment of $1.125 due next month. In order to increase the chances that its current offer will be accepted, it has included provisions for cash payouts, higher interest rates, and warrants for stock purchases.
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