Vitality storage tech supplier FlexGen Energy Techniques closed a $100 million Sequence C Funding spherical anchored by Vitol, in partnership with current traders. This newest funding will help the execution of FlexGen‘s pipeline of initiatives throughout a number of areas.
“It’s clearer than ever that the way forward for power depends on power storage that’s cost-effective, secure, and simple to handle. This newest spherical of funding expands the advantaged place that FlexGen has with our prospects throughout the utility, IPP, and co-op markets,” stated Kelcy Pegler, CEO of FlexGen. “We’re laser-focused on delivering the trade’s greatest software program and integration providers to our valued purchasers.”
FlexGen’s proprietary power administration software program platform, HybridOS, permits power storage house owners to deploy varied energy market methods and mix storage options with any type of technology.
The mixing of power storage requires software program and technological options that play a crucial function within the adoption of renewables at scale—offsetting the intermittency and reliability challenges that renewable energy technology creates for the grid.
“We won’t attain our carbon discount targets with out power storage, which addresses the intermittency of renewables technology and helps to create a extra steady grid for the long run. FlexGen is the chief in power storage options, and we sit up for supporting the corporate’s worldwide enlargement by means of our world footprint, in addition to offering battery optimization options for FlexGen’s prospects,” stated R. Andrew de Move, Head of Renewables, Vitol Inc.
Since its founding in 2009, FlexGen has put in over 3 GWh of power storage methods throughout the U.S. for utility, microgrid, and C&I prospects.
Akin Gump Strauss Hauer & Feld LLP acted as authorized counsel to Vitol. DLA Piper LLP acted as authorized counsel, and Citi acted as sole placement agent to FlexGen.