Energy storage tech provider FlexGen Power Systems closed a $100 million Series C Investment round anchored by Vitol, in partnership with existing investors. This latest investment will support the execution of FlexGen‘s pipeline of projects across multiple regions.
“It is clearer than ever that the future of energy relies on energy storage that is cost-effective, safe, and easy to manage. This latest round of investment expands the advantaged position that FlexGen has with our customers across the utility, IPP, and co-op markets,” said Kelcy Pegler, CEO of FlexGen. “We are laser-focused on delivering the industry’s best software and integration services to our valued clients.”
FlexGen’s proprietary energy management software platform, HybridOS, allows energy storage owners to deploy various power market strategies and combine storage solutions with any form of generation.
The integration of energy storage requires software and technological solutions that play a critical role in the adoption of renewables at scale—offsetting the intermittency and reliability challenges that renewable power generation creates for the grid.
“We will not reach our carbon reduction targets without energy storage, which addresses the intermittency of renewables generation and helps to create a more stable grid for the future. FlexGen is the leader in energy storage solutions, and we look forward to supporting the company’s international expansion through our global footprint, as well as providing battery optimization solutions for FlexGen’s customers,” said R. Andrew de Pass, Head of Renewables, Vitol Inc.
Since its founding in 2009, FlexGen has installed over 3 GWh of energy storage systems across the U.S. for utility, microgrid, and C&I customers.
Akin Gump Strauss Hauer & Feld LLP acted as legal counsel to Vitol. DLA Piper LLP acted as legal counsel, and Citi acted as sole placement agent to FlexGen.