Scale Microgrid Solutions Announces Equity Commitment of up to $300 Million from Warburg Pincus
RIDGEWOOD, N.J., Jan. 27, 2020 /PRNewswire/ -- Scale Microgrid Solutions ("SMS"), a leading distributed clean energy and microgrid platform, today announced that it has secured an equity commitment of up to $300 million from Warburg Pincus, a global private equity firm focused on growth investing.
Founded in 2016, SMS is a vertically integrated distributed energy company focused on delivering fully financed cleaner, cheaper and more reliable power solutions to commercial and industrial ("C&I") customers throughout North America. The company will help accelerate the deployment of distributed energy assets through its unique microgrid product and fully financed solution, while leveraging its long-standing partnerships with industry leading companies. In 2020, the company will be particularly focused on growing their Rapid Response Modular Microgrid ("R2M2") offering, a technology that was developed and deployed to help California businesses deal with the growing threat of wildfires and public safety power shutoffs.
The management team is led by Chief Executive Officer, Ryan Goodman, who most recently served as the President of ENER-G Rudox, a distributed energy company, which Centrica acquired in 2016. Ryan is joined by a senior team with extensive distributed energy and microgrid experience, including Chief Operating Officer, Tim Hade, and Chief Technology Officer, Howard Goodman, both of whom worked closely with Ryan as part of the senior leadership team at ENER-G Rudox.
"North America needs to rebuild its energy infrastructure in a far more sustainable way, which requires flexible and reliable behind-the-meter power solutions and access to efficient financing for customers. This is particularly timely in regions like California and the Pacific Northwest, but is also relevant in the Northeast, as C&I customers demand more reliable, cheaper and cleaner energy solutions. Our focus on deploying fully financed distributed energy solutions and microgrids will position us well to capitalize on this next wave of growth," said Ryan Goodman, CEO, Scale Microgrid Solutions. "Warburg Pincus' deep experience in the energy, technology and financial services sectors, paired with their strong track record in supporting management teams to build businesses of scale, will be invaluable as we pursue our vision to make distributed energy solutions more accessible," added Tim Hade, COO, Scale Microgrid Solutions.
Peter Kagan, Managing Director, Warburg Pincus, commented, "Scale Microgrid Solutions represents an important investment in the next wave of power infrastructure. The Company will provide developers and customers a one-stop shop for distributed energy solutions and manage everything from deployment to financing. We look forward to partnering with Ryan and his team and strongly believe that SMS is well-positioned to capitalize on the growth and demand for cleaner, cheaper and more reliable power."
About Scale Microgrid Solutions
Scale Microgrid Solutions designs, builds, operates, and finances cutting-edge on-site power systems for commercial and industrial facilities throughout North America. The Company's proprietary microgrid modules enable their customers to reap the benefits of the world's most innovative distributed energy technologies while eliminating the anxieties associated with the traditional microgrid development process. SMS is building the backbone of the 21st century electric grid, at scale. Learn more by visiting us at: www.scalemicrogridsolutions.com
About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $58 billion in private equity assets under management. The firm's active portfolio of more than 190 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 19 private equity funds, which have invested more than $81 billion in over 890 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information please visit www.warburgpincus.com.
Contact
Sarah McGrath, Warburg Pincus
212-878-6378
[email protected]
SOURCE Scale Microgrid Solutions
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