Swell Energy recently confirmed that it has received $120 million to expand its successful virtual power plant (VPP) programmes. Swell Energy is a domestic energy firm that offers microgrid and power management services to residential and commercial customers. By making it simple for users to take responsibility for their home energy consumption, attain security of supply, and make GridRevenue, the dispersed power and grid solutions and services are speeding the mainstream adoption of commercial and residential renewable energy technology.
Funding Details
SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund I, LP, spearheaded the transaction, with Ares Infrastructure Opportunities Funds and the Ontario Energy Production Pension Fund also participating. Swell Energy has received $582 million in investments over five rounds. Swell Energy is backed by eight investors.
CEO and VCs Statement
“Energy providers and financiers have recognised the significance of digital power plants for some time; this investment confirms that financial markets perceive substantial value in this financial asset,” said Suleman Khan, CEO of Swell Energy. “Virtual power plants are critical to achieving a greener energy economy at scale.” We are committed to facilitating an expedited transformation to a carbon-neutral future suitable with the demands of both companies and the people they serve through the usage of our GridAmp software.”
“We anticipate that virtual power plants could be one of the utmost essential and critical breakthroughs in smart energy service technological solutions,” said Keith Derman, Director and Co-Head of the Ares Infrastructure Opportunities program. “Ares has been collaborating with Swell since its Series A fundraising in 2019, and we are delighted to keep developing on that partnership with this follow-on investment,” says the company.
Fund Usage and Goals
The financing allocated will help Swell generate 600 MWh of VPPs by deploying and aggregating 26,000 energy storage devices in households and businesses across the United States. The cash will be used to further the company’s virtualized power plant (VPP) initiatives. Swell Energy provides companies with robust virtual power plant connections and grid-balancing services that are critical to their future, carbon-free, decentralized renewable energy systems. Their mission is to provide finance and digital power plant programmes to individuals and businesses while collaborating with highly reputable solar and solar+storage firms for smooth, high-quality deployments.
Service OverviewSwell develops VPPs by connecting utilities, consumers, and third-party network operators, as well as collecting and co-optimizing distributed generation using Swell’s GridAmpTM development platform. Collaborating with utilities, Swell provides value to its network infrastructure through bill reductions, GridRevenueTM, and energy supplies, resulting in a coherent network of solar-powered cells that effectively improves grid dependability and stability while possibly lowering grid operational expenses
FAQs
Ans. Swell Energy recently confirmed that it has received $120 million in Series B.
Ans. The fund was received to expand its successful virtual power plant (VPP) programmes.
Ans. Swell Energy is a domestic energy firm that offers microgrid and power management services to residential and commercial customers.
Ans. SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund I, LP, spearheaded the transaction
Ans. Their mission is to provide finance and digital power plant programmes to individuals and businesses while collaborating with highly reputable solar and solar+storage firms for smooth, high-quality deployments.
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