Green Charge Networks Secures $56M in Financing for its Power Efficiency Agreement(SM) Energy Storage Market Set to Flourish with Rapid Customer Acquisition and Deployment
SANTA CLARA, Calif. and NEW YORK, July 29, 2014 /PRNewswire/ -- Green Charge Networks, a leader in intelligent energy storage, and K Road DG, announced the closing of a $56 million capital infusion. K Road DG is providing funding and strategic management assistance to Green Charge to accelerate deployment of the proprietary GreenStationTM under Green Charge's Power Efficiency AgreementSM (PEASM). The $56M round is the largest amount of capital raised by any company in the intelligent energy storage space, thus securing Green Charge Networks' leadership position in this evolving sector.
Founded in 2009, Green Charge is the first to market with a robust energy storage product proven to reduce power demand charges for commercial and industrial customers on their monthly utility bills. Green Charge's GreenStationTM has been successfully installed by 7-Eleven, Walgreens, UPS, school campuses, and cities across New York and California. Now with the PEASM, Green Charge will own and operate energy storage assets deployed at customer sites, while providing the customer with a powerful combination of utility bill savings, zero capital and maintenance costs, and mitigated performance risk.
Similar to a solar Power Purchase Agreement (PPA), the PEASM shifts the performance burden onto Green Charge as the asset owner instead of the customer. This type of financing model was key to spreading distributed solar around the globe, but has not been available in the energy storage market until now. This financing allows Green Charge to serve the broadest cross-section of the market.
Market research firm IHS predicts that the energy storage market is expected to grow to an annual installation rate of over 40 GW by 2022 — from only 0.34 GW in 2012 and 2013. The US is predicted to be the largest market for grid-connected energy storage – Green Charge is emerging as a clear market leader.
"Power efficiency is the next frontier in energy savings," said Vic Shao, CEO at Green Charge. "We plan to leverage the alliance and financing from K Road DG to scale our company's deployments and continue our customer-centric innovations."
"We are excited to enter into this strategic alliance and to provide growth capital that will drive deployment of Green Charge's innovative technology to C&I customers on a commercial scale," said William Kriegel, CEO of K Road DG. "K Road DG believes that Green Charge's technology solutions respond directly to a global demand for intelligent energy storage."
About Green Charge Networks, LLC (Green Charge)
Founded in 2009, Green Charge Networks is a leader in intelligent customer-sited energy storage. The company gives commercial and industrial businesses, municipalities, and schools control of rising demand rates on their monthly electric bills. Green Charge's product complements solar PV, electric vehicle charging, and energy efficiency. The GreenStationTM was developed in partnership with leading utilities and Fortune 500 customers from coast to coast. Green Charge is headquartered in Santa Clara, CA with offices in New York City. For more information, visit www.GreenChargeNet.com.
About K Road DG, LLC
Founded in 2014 by former K Road Power executives William Kriegel, Gerrit Nicholas, Mark Friedland and longtime technology investor George Coelho. K Road DG is launching a new distributive generation and Smart Grid business and operations platform based on the conviction that renewable and distributive power generation will ultimately power much of the globe. Those systems that can drive efficiency and cost reduction through sophisticated technologies will lead the sector for decades to come. With over 100 years of collective experience in conventional and renewable energy markets, K Road DG and its principals will provide capital infusions in conjunction with managed alliances and developments across a select set of Energy Storage and Smart Grid operating companies.
K Road DG, LLC
Green Charge Networks, LLC
SOURCE Green Charge Networks