Sunverge Achieves Key Energy Storage Milestone
Leading Supplier of Distributed Energy Storage Solutions Surpasses 4MWh of Installed Capacity
SAN FRANCISCO, Feb. 20, 2015 -- Sunverge Energy today announced it has reached a milestone in system deployments, having surpassed 4MWh of energy storage capacity installed and under management. Introduced in 2011, sales and deployments of Sunverge's Solar Integrated System (SIS) have grown exponentially due to widespread interest from utilities for solutions to enable more effective grid management in the face of growing penetrations of renewables.
"We are pleased to have hit this milestone as quickly as we have," said Ken Munson, Sunverge CEO. "We are also proud of the success we've had to date with utilities and energy consumers. Over a dozen utilities are using our platform and over 300 consumers are enjoying more reliable, cost-effective power delivered from our systems. Recent deployments with utilities in Australia and Oklahoma and strong performance from existing projects in California and New Zealand continue to validate our business model of providing customer-sited solar and storage for the benefit of both the grid and the energy consumer. Individual system availabilities across our fleet are greater than 98% with aggregated system availabilities closer to 100%. We are the only company doing what we do and the market is recognizing this and responding."
Sunverge's SIS is an integrated energy storage platform which combines solar inputs, best-in-class power electronics, Li-Ion storage and proprietary, cloud-based software controls and analytics into a UL-certified appliance suitable for use as a grid asset. The system enables utilities to aggregate and orchestrate storage assets located on the demand side of the meter into a virtual power plant that can be controlled as a single resource. The resulting capabilities, services such as voltage management, solar smoothing, and demand reduction, help utilities drive down the costs and complexities of managing the grid while safely and reliably mitigating impacts of high penetrations of renewables.
"Simultaneously serving the needs of both the utility and the energy consumer is a key differentiator of the Sunverge platform," added Munson. "Utilities who understand the benefits which solar and storage can provide are looking for solutions now. Our platform offers them a competitive advantage, one that enables new services and revenue streams and helps utilities make the jump from electricity provider to energy services provider. We're actively engaged with these utilities to finance, deploy and operate our products at scale. For energy consumers, benefits come in the form of more reliable, cost-effective energy – customers with SIS units are saving an average of 61% on their electricity bills – and greater customer choice over where and how renewable energy is used. With value streams like these, we expect our exponential growth will continue."
About Sunverge Energy Inc.
Sunverge Energy is a California-based company founded in 2009 with the vision of integrating solar, storage, and smart controls to maximize value for both electricity consumers and providers. That vision led to the creation of the Sunverge Solar Integration System (SIS), a distributed energy storage solution comprising batteries, power electronics, and multiple energy inputs controlled by software running in the cloud. The system lowers costs, ensures energy reliability, helps strengthen the grid, and accelerates the integration of renewable energies and electric vehicles. Sunverge investors include Southern Cross Venture Partners, Siemens Venture Capital, and Total Energy Ventures International. For more information, please visit www.sunverge.com.
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