LONDON, July 15, 2015 /PRNewswire/ -- Specialist investment bank, Innovator Capital ("ICL"), announces that Belgian headquartered European energy services company REstore has closed its funding round of US$ 7.5 million. Investment came from LRM, Axe Investments, Ark Angel Fund and leading industrial families.
ICL was REstore's exclusive financial advisor on the transaction.
REstore, a presenting company at CleanEquity Monaco 2014, has developed a proven and scalable software platform that enables the aggregation of demand from power users, which can be used to balance the grid. Uniquely, REstore's platform can aggregate demand from power-users with poor individual availability to create ultra reliable, virtual open cycle gas turbines. As a result REstore can offer transmission operators and utilities lower cost, higher reliability and a zero CO2 alternative to gas turbines.
In the past four years, REstore has grown from a few megawatts of industrial load to more than 1 gigawatt of peak load under management, serving more than 80 leading industrial customers including ArcelorMittal, Praxair, Sappi and Barclays. REstore's revenues grew 700 per cent from 2013 to 2014 and it has increased its share of "95 per cent reliable" load from 250 megawatts to 350 megawatts. REstore's platform currently provides 100% of the available dynamic primary reserve market in Europe.
Jan-Willem Rombouts, REstore's co-CEO said: "We are delighted to have closed this round of funding, which will be used to expand existing operations in demand response and energy services to France and Germany and develop additional energy market services."
Mungo Park, Chairman of ICL said: "REstore's technology is a more reliable, lower cost, capex and CO2 free solution for both the balancing and capacity markets. The company's extraordinary growth is testament to its unique platform, its management's expertise and the rapidly increasing relevance in this industry of data analytics, scalable software platforms and intellectual property."
About Innovator Capital:
Innovator Capital is a London based specialist investment bank advising emerging Cleantech, ICT and Life Science companies from around the world. Established in 2003, ICL provides strategic and capital markets advice for private and public companies.
Innovator Capital is regulated by the Financial Conduct Authority.
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SOURCE Innovator Capital