March 11, 2026
Next Google’s acquisition of energy producer for AI data centers Cutting and a subsequent corporate spin-off by Intersect investors, IPX power has announced its formation and launch as an independent energy producer.
IPX already has a portfolio of 4.4 GW of solar assets and 8.8 GWh of battery storage, serving utilities and other customers in California and Texas. The recently spun-off company will play a “critical role” in the US energy future, representatives say, as experts say the country’s energy demand could require 250 GW by 2030.
The company’s portfolio already includes Intersect’s former Oberon project in California, a 500 MWac site equipped with an additional 1 GWh of battery storage. In Texas, the company also operates the 640 MWac Lumina project in Scurry County, which also includes a 640 MWac battery system.
David Brochu, a longtime energy industry executive and former senior advisor for Intersect, has been named CEO of the new company.
“I am incredibly proud to stand alongside this world-class organization, whose courage and expertise have created a true powerhouse in the energy sector,” said David Brochu, CEO of IPX Power. “Building on this foundation, we are on track to build and deploy billions of dollars of new assets, including the world’s largest battery energy storage system, and next-generation gigawatts.”
In addition to Brochu, the company has appointed former Intersect Chief Investment Officer Nick Pape as CFO, and former Intersect VP Todd Johansen as CCO. Additionally, former Intersect COO John K. Martinez will serve in the same role at the new company.
The newly launched company will be supported by several established institutions including TPG Rise the climate, Climate adaptive infrastructureAnd Greenbelt Capital Partnerssays the company.
Building and strengthening the portfolio
Steven Mandel, partner at TPG, says IPX will be an energy entity worth supporting because it already has some of the largest renewable energy assets in the country. The company’s customers already include “some of the nation’s largest energy users and clean energy investors,” according to officials. Customers range from utility companies, to energy service providers, to larger corporate entities and community choice aggregators.
As the company continues to push gigawatt-scale projects, it has one huge asset in the pipeline that could really set it apart from the rest, in the form of one of the largest battery storage systems in the world.
“Under the new IPX brand and with the existing team, the company remains well positioned to meet rapidly growing energy needs across the country,” added Ed Beckley, managing partner of TPG Rise Climate.
Glenn Jacobson, managing partner at Greenbelt Capital Partners, says the company will evolve into a “proven leader” in renewable energy generation. He praised the new company’s existing portfolio of renewable assets and said his company looks forward to supporting further project growth.
“As a founder and investor in Intersect Power, we are excited to participate in this next chapter of the evolution of this team and its critical work to deliver some of the most important energy infrastructure in North America,” said Bill Green, founder and managing partner at Climate Adaptive Infrastructure. “The track record of this team speaks for itself and their financial acumen, combined with on-the-ground expertise, will continue to differentiate them in the marketplace.”
Details about the size, location and date of commissioning of the large IPX battery project are still unknown.
Tags: BESS, independent power producer, Intersect Power, IPX Power, project, utility, utility scale
