Securing a strategic investment from a premier utility is a key component in solidifying Greensmith’s leadership position in the energy storage industry.
Reston, Va., Aug. 31, 2015—Greensmith, a leading provider of grid-scale energy storage software and integration solutions, announced today that it has completed its $12.3 million Series C round of financing. The round was led with a $5 million dollar strategic investment from American Electric Power (NYSE: AEP) one of the largest electric utilities in the United States, serving nearly 5.4 million customers in 11 states.
Securing a strategic investment from a premier utility is a key component in solidifying Greensmith's leadership position in the energy storage industry. With an industry-leading technology platform, a track record of successful deployments, and strong customer and partner relationships, Greensmith is poised to take a significant share of the growing number of grid-scale storage opportunities.
The strategic investment will provide AEP with direct access to Greensmith's extensive energy storage deployment expertise and its advanced GEMS energy storage software platform, helping the utility determine the best options for grid-scale energy storage deployment.
"AEP's strategic investment in Greensmith provides our company with a significant competitive advantage in the energy storage market—access to the knowledge base of a forward-thinking utility with almost 32,000 megawatts of generating capacity and a 40,000-mile transmission network," said John Jung, CEO of Greensmith. "Further, AEP will provide us invaluable insight to guide our strategic decisions on product development and market expansion."
"Grid-scale energy storage provides significant opportunities to optimize the performance of the grid and also to support additional integration of new generation resources including renewables and distributed generation," said Nicholas K. Akins, AEP's chairman, president and CEO. "Greensmith has successfully deployed dozens of integrated, grid-scale energy storage solutions for utilities and companies. By investing in Greensmith, AEP will help advance energy storage technologies and development of innovative energy infrastructure solutions for the benefit of our customers."
American Electric Power is one of the largest electric utilities in the United States, delivering electricity to nearly 5.4 million customers in 11 states. AEP ranks among the nation's largest generators of electricity, owning nearly 32,000 megawatts of generating capacity in the U.S. AEP also owns the nation's largest electricity transmission system, a more than 40,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. AEP's transmission system directly or indirectly serves about 10 percent of the electricity demand in the Eastern Interconnection, the interconnected transmission system that covers 38 eastern and central U.S. states and eastern Canada, and approximately 11 percent of the electricity demand in ERCOT, the transmission system that covers much of Texas. AEP's utility units operate as AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP's headquarters are in Columbus, Ohio.
Greensmith's mission is to make energy storage a fundamental component of a cleaner, more advanced energy infrastructure. Its intelligent and flexible GEMS software platform optimizes the performance of a grid-scale energy storage system's batteries, inverters and other hardware, lowering costs and improving the system's return on investment. Greensmith delivered one-third of the energy storage capacity installed in the United States in 2014. Its GEMS energy storage software platform is currently used by 19 customers for multiple applications at over 40 different sites, including the single largest battery-based energy storage system deployed globally in 2014, which provides 24x7 frequency regulation services. Learn more at www.greensmithenergy.com.