Energy storage pioneer signs capital round with investments by First Solar and Grupo ECOS
Berlin (Germany) and Austin, TX (USA), December 8, 2015 - Market leader Younicos has signed agreements for $50 million in growth capital to further scale its deployment of intelligent energy storage solutions. The funding comes from a consortium that includes First Solar, Inc. (NASDAQ: FSLR), a global provider of solar energy solutions and Grupo ECOS, a sustainable investment-focused private equity firm. They join an undisclosed strategic lead investor. According to GTM Research, this is the largest investment in a technology independent energy storage provider in 2015.
"Utility-scale storage is an exciting new frontier for grid flexibility and modernization that can help to facilitate high penetration of renewables in certain circumstances. Younicos is a true trailblazer in grid-scale storage integration," said Raffi Garabedian, First Solar's Chief Technology Officer. "As the promise of storage continues to evolve, we are eager to understand how it will broaden our own power plant offerings. This is an important investment in continuing and potentially accelerating the shift of our energy landscape to renewables."
Grupo ECOS Investment Manager, Ramon Candia, stated: "We see energy storage as a key market driver for renewables and an important and fast emerging asset class. Younicos is a leading and exciting investment opportunity in this sector. Our strong position and portfolio of renewable energy generation assets in Latin America can also provide an attractive business opportunity for Younicos' services."
"We welcome our new investors and partners. Their investment and strategic cooperation commitment is the strongest possible testament to both the enormous potential of the energy storage market and the unique leadership position Younicos maintains within it," said James P. McDougall, CEO of Younicos. "The signing of this investment round ignites the second stage of our growth plan. Following our successful reorganization at the beginning of the year, our new investors now strengthen us not only financially, but will also help us capture important market segments more rapidly with higher value, products and services."
Alexa Capital LLP advised Younicos on the financing.
Younicos is a global leader for intelligent energy storage and grid solutions. Clients benefit from technical expertise, commercial know-how and in-depth experience built on nearly 100 megawatts installed in more than 20 energy storage projects worldwide. The company was founded in 2005 in Berlin, Germany, and currently employs more than 150 storage enthusiasts there and in Kyle and Austin, Texas (USA). For more information please visit http://www.younicos.com and follow us on LinkedIn and Twitter.
About First Solar
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The company's integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar's renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.
About Grupo ECOS
Group ECOS, of Swiss origin, manages several private investment vehicles to carry out equity investments in projects and companies in selected sustainable development and renewable energy segments. Committed to a triple-bottom-line approach and business ethics, ECOS' investment mandate is to generate tangible returns for the group and its portfolio companies and a positive impact for the societies in which we operate. For more information please visit: www.grupoecos.com