SYSO, a market operations service provider dedicated to renewable and energy storage assets, has 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.
Founded in 2019, the company provides various services, including forecasting, power market access, asset operation, asset optimization, and virtual O&M. It has partnered with asset managers, developers, integrators, and IPPs.
The funding will be used to expand into new markets and improve its service for developers and independent power producers for the energy transition across the power sector.
“We are thrilled to welcome Kimmeridge as a new lead investor and have the continued support of Lacuna Sustainable Investments,” said Chris Gosline, CEO of SYSO. “This investment is a strong endorsement of our vision and strategy. It will allow us to grow our GWs under management rapidly, scale our operations, enhance our product offerings, and drive significant value for our clients in the rapidly evolving power market.”
Pierce Atwood served as the legal counsel for SYSO in this transaction, while Kimmeridge was represented by Reitler Kailas & Rosenblatt.
According to Mercom’s 1H and Q2 2024 Funding and M&A report for Energy Storage and Smart Grid, VC funding for Smart Grid companies in 1H 2024 totaled $1.2 billion in 29 deals, 22% higher YoY compared to $986 million raised in 26 deals in 1H 2023.
Last month, Eneida, a smart grid solutions provider, secured €10.5 million (~$11.4 million) in a Series B funding round. The funding was provided by Junction Growth Investors (who also led the round) and Santander Alternative Investments. Existing investor Korys increased its stake, alongside participation from current investor HCapital and the company’s founders.
