Dallas-Houston Energy Acquisition Could Open a New Office in Lubbock

A Dallas utility’s intention to buy a growing Houston company will create a new location in Lubbock, pending final approval.

JBB Advanced Technology, the Dallas-based company that launched Tri-Global Energy, has signed a letter of intent to purchase Houston-based Proteus Power. The Houston-based company is an international developer of “utility-scale renewable energy,” according to a press release.

“I know the potential of renewable energy for both our country and the small landowners and communities we work with,” said John B. Billingsley, founder, president and CEO of JBB. “Proteus Power is a company I have known and developed in the past, and we are perfectly positioned to make it a very profitable company for our investors. In the near future, this very significant business will provide a multi-billion dollar boost to the Texas economy, from Lubbock to Midland, West Texas to the Gulf Coast.”

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Proteus has 15.5 gigawatts of projects, including solar and battery storage systems, with another five gigawatts expected to be built between 2024 and 2028. These continuing projects will have an estimated cost of $3.382 billion, which includes engineering, procurement and construction. The company’s projects include independent system operators: ERCOT West, ERCOT Houston, ERCOT North, ERCOT South, Miso LA/MS, Miso Illinois, Miso Texas and SPP South.

“The Proteus Power development team is among the best in the renewable energy industry today,” said Billingsley. “The company has thrived under the leadership of Chief Development Officer Dan Phillips, and we at JBBAT are fortunate to have inherited such a strong team who will work with us as we move forward and return to the energy transition.”

The transaction, pending various factors and approvals, is expected to reach its final stages in the fourth quarter of 2024. If finalized and approved, all employees will be retained and Proteus will be headquartered further from Houston to Carrollton. According to the release, the transaction will create a branch in Lubbock.

This article originally appeared on the Lubbock Avalanche-Journal: JBB Advanced Tech intends to acquire Proteus Power, Lubbock office