Budderfly eyes virtual power plant buildout after acquiring Sunverge tech
Energy-as-a-service company Budderfly acquired a grid-edge distributed energy resource management system (DERMS) from Sunverge Energy. Using Sunverge’s technology, Budderfly can aggregate distributed energy resources (DERS) across its sites, putting Budderfly in position to create and manage virtual power plants (VPPs), from equipment installation to billing.
“VPPs are crucial for capitalizing on the opportunities of the energy transition. Through this acquisition, we are making this essential technology available to the middle market, allowing our customers to benefit from renewable energy and contribute to a more sustainable, reliable, and affordable energy future,” said Al Subbloie, founder and CEO of Budderfly.
By procuring and installing flexible load technologies like battery storage, behind-the-meter solar generation, and EV charging infrastructure at small- and mid-sized commercial buildings – Budderfly plans to enroll thousands of its customers’ sites in demand response programs over the next five years. Budderfly will also onboard several utility customers in Arizona, Maryland, the Northeast, and the Pacific Northwest, enabling substantial revenue opportunities through program incentives.
“Distributed energy resources, which can be aggregated into virtual power plants, play a valuable role in reducing energy costs for end users and alleviating regional pressure on the grid,” said Pavel Molchanov, managing director and equity research analyst at Raymond James. “Software solutions, like Budderfly’s VPP-enabled platform, make DERs even more economically attractive and capable of supporting local grid needs.”
Former Sunverge employees with decades of DERMS and energy market experience will join Budderfly’s growing team of almost 400 employees. The team’s expertise will ensure a seamless transition and support Budderfly as it continues to innovate and expand its service offerings.
Budderfly snapshot
Budderfly has pioneered novel energy management strategies since 2017, focusing on reducing energy consumption and improving efficiency for thousands of small- and medium-sized commercial facilities. Budderfly installs, monitors, and manages a combination of patented technologies, equipment upgrades, and proprietary energy software for its customers at no out-of-pocket cost. Businesses benefit from lower energy bills, a reduced carbon footprint, more reliable operations, and an improved customer and employee experience.
Budderfly takes a holistic approach to eliminate a substantial CapEx barrier for customers, driving enhanced operational efficiencies, increased cost savings, and low-carbon outcomes. Its next stage of growth will accelerate clean energy adoption across the mid-market, which comprises most U.S. businesses.
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