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EDA updates on DeLorean Power option for Falling Branch lots; project dependent on Appalachian Power program
Summary
DeLorean Power holds an option to purchase 10.49 acres at Falling Branch (Lots 2A/2B) for an energy storage project; staff said the project’s advancement depends on Appalachian Power’s program and the purchaser owes a $20,000 payment currently listed as 'in the mail.'
Montgomery County Economic Development Authority staff updated members on an option held by DeLorean Power to buy Lots 2A and 2B (about 10.49 acres total) in Falling Branch for a battery-storage project.
Brian (staff member) said Lot 2B is six acres the authority previously acquired from a private seller behind United Therapeutics, and Lot 2A is about 4.89 acres. He said DeLorean Power’s model uses 1-megawatt storage containers charged and discharged to reduce capacity strain; Appalachian Power must advance a related program for the project to move forward.
Staff told the authority DeLorean has paid $20,000 and sent a letter indicating renewal; the payment was described as “in the mail.” The option agreement calls for additional future payments (a $25,000 payment next year and further payments tied to later years), but staff did not recite exact future amounts in detail at the meeting. If DeLorean does not close, the agreement states the EDA may retain the option payments; if the sale closes, staff said option funds would be applied to the purchase price and terms could be renegotiated in 2027 depending on Appalachian Power’s program decisions.
Brian said the authority’s substation can accommodate roughly 30 megawatts and that a decision point for the project is Appalachian Power’s program design and approval; staff characterized project timing as contingent on Appalachian Power rather than on the EDA.
No formal action was taken; staff will monitor Appalachian Power’s program and report back if the utility moves forward.
