ITXP (operating as Independence Power) is an oilfield electrification company that provides battery energy storage system (BESS) software and fleet management services to upstream oil and gas operators in the Permian Basin. The company generates revenue from software license and subscription fees tied to its proprietary Software Platform deployed on BESS units, installation services, and performance-based fees. As of the 10-K filed 2026-03-31, substantially all revenue to date was derived from a single contract with GridCore Infrastructure, LLC related to the installation of a battery software management system on a fleet of 101 BESS units representing approximately 241 megawatts of nameplate capacity and approximately $216.9 million in aggregate equipment value. The company also serves as fleet operator under an Asset Management Agreement with the Cooperative and DBD Express, effective October 1, 2025. Independence Power targets upstream operators relying on diesel generation in transmission-constrained basins, with a stated intent to expand into other basins such as the Utica. The controlling stockholder is Independence Investors, whose sole member is David J. Durrett.

Revenue model

Software license and subscription fees tied to the proprietary Software Platform installed on BESS units; installation and services fees; performance-based fees; and fleet asset management fees under the Asset Management Agreement effective October 1, 2025. The model is designed to be asset-light, with capital-intensive equipment ownership borne by third parties.

Products and services

Proprietary Software Platform functioning as a supervisory control layer for BESS sites, designed to be hardware-agnostic across batteries, inverters, and multi-vendor site equipment. Battery software management system installed on 101 BESS units (approximately 241 MW nameplate capacity) as of October 26, 2025. Fleet lifecycle management services including operations, maintenance, performance monitoring, logistics, permitting, and ITC eligibility documentation. Power-as-a-Service (PaaS) platform targeting long-term service agreements. Applications include electronic submersible pumps (ESPs), compression stations, and wellhead electrification.

Customers and end markets

Upstream oil and gas operators in the Permian Basin requiring onsite power. As of the 10-K filed 2026-03-31, substantially all revenue derived from a single contract with GridCore Infrastructure, LLC, with the Cooperative as end-user. Target end markets include power generation and oil and natural gas industry operators in transmission-constrained regions.

Value-chain role

Software and fleet management layer in the oilfield electrification value chain. Independence Power installs and licenses its Software Platform on BESS units owned by third parties, and operates as fleet manager responsible for daily operations, maintenance, deployment scheduling, and regulatory compliance. Capital-intensive equipment ownership and field operations are borne by equipment owners and operators.

Geographic exposure

Permian Basin, Texas, as of the 10-K filed 2026-03-31. The company has stated intent to expand into other transmission-constrained domestic basins including the Utica and other shale basins.

Source: SEC 10-K, filed 2026-03-31

Industry: Services-Engineering, Accounting, Research, Management