Sunverge Energy Seals $36.5 Million Series C Financing Round
The notable energy storage technology company Sunverge Energy has secured $36.5 million in new funding via its recent Series C round of financing, according to recent reports. A major player behind the new funding is AGL Energy — Australia’s biggest publicly traded energy retailer.
In relation to the new investment funding, AGL has entered into a commercial agreement with Sunverge “whereby AGL is the exclusive channel partner for the sales of Sunverge’s intelligent energy storage systems in Australia.”
The AGL Managing Director and CEO, Andy Vesey, and the AGL Executive General Manager of New Energy, Alistair Preston, will both also join the Sunverge Board of Directors as part of the deal.
A recent press release provides some background on the company: “Sunverge designs and manufactures advanced, intelligent energy storage systems that allow utilities to automatically execute demand response programs on an individual customer level or link them into ‘Virtual Power Plants’ to meet peak energy demand across an entire community or service area. This unprecedented level of coordination, provided via a flexible cloud-based platform, will make possible this transition to power as a service and much more intelligent, automatic and efficient management of distributed energy resources.”
Sunverge recently announced the next generation of its Solar Integration System (SIS), which will be available this summer. The new system features more battery options and a streamlined design with even more system intelligence than the original SIS. Sunverge offers the most programming options available with energy storage systems today, maximizing the efficient use of renewable or conventional energy while increasing overall grid reliability.
Andy Vesey commented: “We were the first major energy retailer to sell residential and commercial batteries in Australia, including the Sunverge brand. Sunverge is also a leader in the management of fleets of batteries for demand response and other applications. Our strategic agreement will allow us early mover advantage and accelerate our capabilities in this space.”
Going on: “Our partnership will allow us to better meet the needs of our customers in a carbon-constrained energy future which is increasingly based on decentralized products and services including digital metering, solar PV systems, as well as new technologies such as batteries, electric vehicles and other ‘beyond the meter’ energy solutions.”
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