HERNDON, VA, Provider of energy storage software and integration services has raised a Series C round of growth financing.
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Greensmith, one of the largest providers of energy storage software and integration services, announced today that European utility E.ON (ETR: EOAN) has invested in its Series C round of growth financing. The additional investment brings Greensmith's total Series C round to $18.3 million, including a previous $5 million strategic investment from American Electric Power (NYSE: AEP).
Greensmith plans to use the financing to expand commercial and technology delivery operations to leverage pipeline acceleration and to advance its market-leading GEMS energy storage software platform. The financing, along with the new relationship with E.ON, will also help Greensmith exploit a rapidly growing European energy storage market.
'This partnership is an important milestone for Greensmith as we continue to expand globally and serve the European storage market,' said John Jung, CEO of Greensmith. 'We recently delivered over one-third of all energy storage capacity installed in the U.S. and see tremendous momentum around the world. And with Europe's goal of reducing carbon dioxide emissions by 80 percent by 2050, E.ON is at the forefront of providing sustainable energy solutions to its customers and we are excited to be a part of that vision.'
E.ON, an international privately-owned energy supplier with revenues of approximately 112 billion EUR, serves more than 33 million customers in Europe, Russia, North America, and Turkey.
'The energy industry is undergoing a fundamental transformation -- E.ON is committed to empowering its customers and promoting decentralized energy solutions while expanding our power grids and making them smarter,' said Susana Quintana-Plaza, Senior Vice President Technology & Innovation E.ON SE. 'As such, we needed a partner that could deliver superior results. Greensmith's innovative software and extensive experience in both battery and PCS integration and control will enable us to extend our energy storage activities and to provide better solutions to our customers. We are pleased about our partnership with Greensmith and look forward to working together.'
In addition to completing its $18.3 million Series C round, Greensmith also secured significant recognition for its technology and commercial leadership over the past year. Greensmith's 2015 awards include:
New Energy Pioneer by Bloomberg New Energy Finance.
Greentech Media's Grid Edge 20.
Inc. 5000 list of the nation's fastest growing companies, on which Greensmith was ranked number 107 overall and number one among energy storage companies.
Platts Global Energy Awards Finalist.
Fastest Growing Company by the Washington Business Journal.
Deloitte's Technology Fast 500 list of the fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America, on which Greensmith was ranked number 32 overall and number two among energy tech companies.
As one of the largest providers of energy storage software and integration services, Greensmith's mission is to make energy storage a fundamental part of a cleaner, more intelligent and more distributed energy infrastructure. Now in its fifth generation, Greensmith's GEMS software platform optimizes the performance of energy storage by lowering costs and maximizing the system's return on investment throughout its life. In 2014, Greensmith delivered over one-third of all energy storage capacity installed in the United States and is currently used by more than 20 major customers globally. Learn more at www.greensmithenergy.com.