Co-Founder of Xtreme Power, Michael Breen, Joins GELI as CEO to Solve Microgrid Financing GELI assigns the true value of storage for investors
SAN FRANCISCO, Oct. 16, 2013 /PRNewswire/ -- Growing Energy Labs Inc. (GELI), a designer of energy storage and microgrid management solutions, is pleased to announce that Michael Breen has joined as Chief Executive Officer. Breen, a twenty-year renewable energy and finance veteran, also joins GELI's Board of Directors and will guide the company as it bridges the design-to finance gap that exists in the growing class of microgrid projects.
"There are very few people in the industry that have the level and years of specialized expertise Michael bring to GELI," said Dr. Ryan Wartena, founder of GELI. "He cofounded Xtreme Power, largely regarded as the grid-scale storage pioneer, maintained an active role as distributed generation projects began to eclipse grid-scale and has now set his sights on what we believe to be the next segment poised for massive growth, behind the meter deployments that solve that segment's most critical issue: financing."
Mirroring the solar industry's success in financing system installation through innovative modeling approaches, GELI's Energy Operating System provides the sizing, analysis and operation of microgrid systems, which can include solar, energy storage, electric vehicle chargers, lighting, HVAC and a wide range of energy generation and conservation technologies. With the modeling in place, GELI's Energy Economic View™ assigns value to energy storage within a project, opening the door for investors, to operate in the dynamic aggregation and syndication of electricity into the market.
"It's satisfying to see our industry achieve the level of adoption we've always known it was capable of, the greatest impact of which will be to unlock the true value of storage—allowing for balancing load and generation in a way that transforms "intermittent" renewables into grid-reliable generation sources," said Michael Breen, CEO of GELI. "With the scaling of the technology comes the next hurdle—financing the systems—and that's where the opportunity for GELI lies. We believe GELI will be the enabling software that allows the whole industry to grow. Functioning as the operating system for behind-the-meter energy projects, our sophisticated economic modeling optimizes cash flow returns and produces profitable projects today."
GELI, short for Growing Energy Labs, Inc., has developed operating system software to integrate, network, and economically operate energy storage systems. GELI software makes operational decisions based on the price of power and energy in addition to the electrical status and activity of the grid and other system components. GELI software performs actions on the energy storage system itself for local optimization and within the context of a microgrid, smart building, renewable energy installation, or electric vehicle infrastructure. GELI is an enabling software for energy storage and micro-grids. GELI licenses its software to OEMs, energy finance companies, and solution providers.
SOURCE Growing Energy Labs Inc.