Consolidation in the solar + storage solution space continues. The latest: Q CELLS is acquiring a 100% stake in San Francisco-based energy storage solutions company Growing Energy Labs, Inc. (Geli). The transaction is subject to customary closing conditions, including regulatory approvals.
“There is increasing demand in the energy storage space for comprehensive energy solutions. We are excited to welcome the Geli team and work together to strengthen our competitiveness in the global distributed energy market. Q CELLS and Geli’s combined capabilities will allow us to provide smart energy solutions to our customers and together we can unfold the next chapter towards a cleaner tomorrow.” Hee Cheul (Charles) Kim, CEO of Q CELLS said.
Q CELLS has already launched various integrated energy solutions globally, including in Europe and Australia. Q CELLS’ acquisition of Geli is its first of an energy storage solutions company and marks its entrance into the U.S. C&I distributed energy market.
Geli’s end-to-end software platform streamlines the energy storage development process. Geli’s products, powered by artificial intelligence, determine the optimal size of the BESS, and maximize the stacked revenue potential for customer deployments. Geli has been advancing BESS deployments coupled with solar and EV charging infrastructure and co-optimizing these assets with any electricity tariff or load profile for years now. Geli’s products leverage an advanced cloud architecture and Industrial IoT technologies that support scalability and extensibility across multiple geographies, market segments, and hardware solutions.
Leveraging Geli’s proprietary artificial intelligence technology for designing, automating, and managing energy storage systems, Q CELLS will be able to provide integrated energy solutions through packaged hardware and software capabilities (solar+storage).