Caban Systems, a California-based provider of energy storage-based solutions, raised $51 million in Series B Funding, to help scale domestic battery manufacturing capacity and expand its global footprint.
The round was led by BCP Ventures with participation from Ontario Power Generation Pension Fund, Ember Infrastructure, Portfolia, and Inspiration Ventures.
The company delivers end-to-end energy solutions aimed to decarbonize and modernize critical infrastructure. The funds will be also used to broaden its product and service offerings.
Caban offers lithium-ion batteries, energy-as-a-service, and artificial intelligence (AI)-enabled software solutions. The energy storage systems work in tandem with their cloud-based remote monitoring software and energy service solution to ensure uninterrupted power, optimized asset management dramatically reduced emissions enabling mobile network operators and tower companies to reduce their OPEX costs.
“Closing our Series B is a transformational moment for our company and a concrete endorsement that our technology, combined with our energy-as-a-service business model, is the leading energy transition strategy for our customers,” says Alexandra Rasch Castillo, CEO, and Founder of Caban Systems.
The company expects to thrive on the increasing global demand and domestically and plans to utilize the latest set of incentives brought by the Inflation Reduction Act for storage projects using U.S.-manufactured equipment.
Caban solutions are powering over 500 customer sites across 10 countries, with more than 1,400 additional sites under contract. The company has supplied 1,217 MWh of renewable energy, helping its customers avoid more than 8,400 metric tons of carbon emissions.
According to Mercom’s 9M And Q3 2022 Funding and M&A Report for Storage, Grid & Efficiency, the VC funding in Energy Storage in 9M 2022 fell by over 44%, with $4 billion in 73 deals compared to $7.2 billion in 60 deals in 9M 2021.
Recently, Element Energy, a provider of advanced battery management systems, announced the close of a $28 million Series B Funding round co-led by Cohort Ventures and an undisclosed energy generation company. The funding is expected to provide growth capital.