Swell Energy Swell Energy, an Los Angeles, CA-based provider of smart grid and energy management solutions, has raised $120 million in Series B financing.
It led SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund I, LP, with participation from the Ares Infrastructure Opportunities fund and Ontario Power Generation Pension Fund.
Swell Energy Obtains $120M in Series B Capital
The company plans to use the money to expand its virtual power plants (VPP) program.
Directed by Swell Energy’s CEO Suleman Khan, Swell Energy offers solutions to accelerate the widespread acceptance of distributed renewable energy technologies, allowing consumers to control their energy consumption and costs and ensure energy security and participate in the transactive grid. Swell Energy offers homeowners and businesses financial and financing services and partners in local solar and solar+storage businesses for the installation of solar and solar+storage.
By creating a critical mass of responsive and dynamic renewable energy sources within areas of utility service all across the United States, the company provides a resilient network of virtual power stations and grid-balancing services for utilities.
Swell’s VPP programs assist in reducing the utilization of peaker plants that burn fossil fuels by utilities. They also provide crucial grid services by using solar power storage, energy storage, and electric vehicle charging into the utility to ensure the most reliable and carbon-neutral grid. VPPs offer a range of grid-related capabilities via projects in Hawaii, California, and New York utility territories.