Sunverge Energy announces a $15 million funding round that will support immediate growth opportunities for Sunverge in key markets worldwide. Sunverge expects its Solar Integration System to help accelerate the adoption of solar, wind, and electric vehicles.
Storage continues to be the word of the moment in solar — some even call it “the new solar.” SolarCity, in its quest to become the world’s most vertically integrated solar company, is clearly looking to storage as part of that package. And everyone agrees that storage is what will really propel solar into the mainstream.
That sets the stage for any storage news that comes in, and today, we heard some from Sunverge Energy, Inc., a developer and manufacturer of distributed energy management systems. Sunverge announced that it has closed a $15 million Series B financing round led by the Southern Cross Renewable Energy Fund and joined by the Venture Capital Unit of Siemens and Total Energy Ventures International. The investment will support immediate growth opportunities for Sunverge in key markets worldwide.
Sunverge was founded in 2009 with the vision of developing an entire system with solar, storage, and smart controls. We’re talking more than just combining solar and storage; this vision has led to the creation of the Sunverge Solar Integration System (SIS), a distributed energy storage solution that combines batteries, power electronics, and multiple energy inputs with software running locally and in the cloud. Sunverge currently has nearly 300 SIS units in operation at customer sites across the United States, Australia, New Zealand, Germany, and South Korea.
Sunverge says its SIS has something for everyone: homeowners and businesses receive more reliable power at a lower cost, utilities reduce grid management and energy delivery costs, and electricity retailers increase revenue and customer retention by bringing value-added products and services to market. And of course, society as a whole accelerates the adoption of solar, wind, and electric vehicles.
Dr. Mark Bonnar from Southern Cross Venture Partners said in a statement today, “After an international search for the best investment opportunity in distributed energy storage, Southern Cross is delighted to add Sunverge to its portfolio, particularly with such prestigious partners joining us.”
Christophe Tonion, Senior Investment Manager at Total Energy Ventures, added, “We believe storage is critical for the expansion of solar and energy services markets, but what will be truly disruptive is the power to aggregate all sorts of distributed energy resources, be they solar, storage, smart devices, or electric vehicles. This ‘virtual power plant’ capability is at the core of Sunverge’s technology and go-to-market strategy.”
“We have looked at many companies in this space, and we believe Sunverge is one of the very few ready to scale globally,” said Ralf Schnell, CEO of the Venture Capital Unit of Siemens. “A key factor in our decision to invest was their proven operational experience.”
“This financing provides us the capital to open new markets, enhance support of our existing global customer base, and drive the development of our rapidly growing pipeline,” said Kenneth Munson, President and CEO of Sunverge Energy. “This world-class partnership validates the arrival of distributed energy storage into the mainstream and the leading position that Sunverge has already established. We are excited about the value such partners can bring in the utility, residential, and commercial segments, and their support will be instrumental to us in achieving our ambitious growth objectives.”