BECIS (BE C&I Solutions Holding), a company that develops, owns, and operates distributed energy solutions (DES), secured $53 million in new equity funding from existing investors, including FMO, KLP Norfund Investments, Pula Investments (represented by Berkeley Energy) and Siemens Financial Services.
In July of this year, the company secured a $30 million green loan, with BECIS Bioenergy, a subsidiary of BECIS, as the borrowing entity. The loan was to finance 14 individual decentralized installations to convert agricultural waste and other sustainably sourced feedstocks into renewable steam, which is then supplied to industrial customers through offtake agreements.
The company stated that the new equity, combined with previous debt funding rounds, will strengthen and expand its Energy-as-a-Service (EaaS) platform. This funding aims to achieve a target portfolio of over 600 MWp of solar assets and 400 TPH of bioenergy assets.
The company operates across eight markets and specializes in decarbonization solutions, which include Solar, Bioenergy, and an expanding New Solutions portfolio, mainly in cooling and heating services. With the EaaS model, BECIS develops, constructs, operates, and owns distributed energy solutions.
“We are pleased with the new equity commitment from our existing shareholders, which demonstrates the confidence and support the shareholders have in our growth plans. The equity funding, in conjunction with our recent debt raising successes, will allow BECIS to further expand our operations and accelerate the adoption of sustainable energy solutions in the region.” Said, Eren Ergin, Chief Executive Officer of BECIS.
According to Mercom’s 9M and Q3 2024 Funding and M&A report for Energy Storage and Smart Grid, VC funding across all Smart Grid companies in 9M 2024 totaled $1.4 billion in 43 deals, 13% higher year-over-year than the $1.2 billion raised in 37 deals in 9M 2023.
In September, SYSO, a market operations service provider dedicated to renewable and energy storage assets, raised $14.5 million in Series B funding led by Kimmeridge, an alternative asset manager specializing in the energy sector, with participation from existing SYSO investor Lacuna Sustainable Investments.
