FlexGen Power Systems, a provider of integration services and software technology for energy storage solutions, announced the close of a $100 million Series C investment round. The funding was provided by Vitol, an energy trading company, in partnership with existing investors.
FlexGen said the new funding would help execute its project pipelines.
“We are excited to have Vitol join our existing investors to help power our continued growth. It is clearer than ever that the future of energy relies on energy storage that is cost-effective, safe, and easy to manage. This latest round of investment expands the advantaged position that FlexGen has with our customers across the utility, IPP, and co-op markets,” said Kelcy Pegler, CEO of FlexGen.
Founded in 2009, FlexGen has installed more than 3 GW of energy storage systems for its clients in the United States for utility, microgrid, and C&I customers. The company’s energy management software platform, HybridOS, allows energy storage owners to deploy various power market strategies and combine storage solutions with any form of generation.
“We will not reach our carbon reduction targets without energy storage, which addresses the intermittency of renewables generation and helps to create a more stable grid for the future. FlexGen is the leader in energy storage solutions, and we look forward to supporting the company’s international expansion through our global footprint, as well as providing battery optimization solutions for FlexGen’s customers,” said R. Andrew de Pass, Head of Renewables, Vitol Inc.
Akin Gump Strauss Hauer & Feld acted as legal counsel to Vitol. DLA Piper served as legal counsel, and Citi acted as sole placement agent to FlexGen.
Recently, Wildcat Discovery Technologies, a developer of new battery materials, raised $90 million in a Series D funding round led by Koch Strategic Platforms (KSP), an investment subsidiary of Koch Industries, with significant investments from Eastman Kodak and Fifth Wall Climate. The company said that the new funding round would support its ‘super cell’ development and commercialization.
According to Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, Total corporate funding (including venture capital funding, public market, and debt financing) for Energy Storage, Smart Grid, and Efficiency companies in 1H 2022 was up significantly year-over-year (YoY) with $17 billion compared to $10.4 billion raised in 1H 2021.
