The global energy landscape is undergoing a rapid transition and transformation. The latest FERC report shows generation from renewables outpacing nuclear and traditional generation methods, with additional momentum expected to continue throughout 2022. With the changing market landscape, today’s utilities require new mission critical technologies to enable them to integrate and operate DERs as reliable generation and grid assets in order to modernize their distribution grids and replace traditional fossil fuel peak and base generation with distributed clean energy resources.
Sunverge, a provider of a distributed energy resource (DER) control and aggregation platform, raised $11 million in new capital in a round led by Ecosystem Integrity Fund with participation from Equinor Energy Ventures and Evergy Ventures. The plan post-funding is continue to expand and evolve its platform.
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“We have been actively looking to invest in this space for a long time and take a highly selective approach to investments. Sunverge stood out to us because of team’s deep knowledge of the utility and smart grid space, along with the platform’s flexibility to meet the needs of the distribution grids of today and tomorrow. We are proud to back Sunverge and its mission,” says Geoff Eisenberg, Partner at Ecosystem Integrity Fund. “We believe the Sunverge platform can play a critical role in transitioning our existing power system from fossil fuel to reliable and clean distributed generation.”
The Sunverge Energy Platform provides utilities with real-time grid-edge visibility and management capabilities for this increasingly distributed and interconnected web of DERs that include solar, energy storage, EVs and EV chargers in addition to other smart devices such as smart thermostats, water heaters and more.
“Right now, customers typically own DERs, but utilities are the ideal owners of these assets due to their lower cost of capital,” said Gareth Burns, Managing Director at Equinor Energy Ventures. “Sunverge’s platform proves the value of the baseload power generated by DERs and will ultimately help utilities convince both public utilities commissions and consumers that assets like solar and energy storage are the right investment for the future of our energy markets.”
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