Enbala Power Networks Inc., a leading provider of distributed energy resource management, has raised US $12 million in Series B financing led by ABB Technology Ventures with participation of National Grid, GE Ventures, Chrysalix Venture Capital and Obvious Ventures.
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CPE Media Research Brief – two very interesting facts about this announcement:
- According to its filing, Enbala Holdings, Inc., the Delaware domiciled parent of Enbala Power Networks Inc., raised US $16.7 million from 7 investors. Background: In March 2015, Enbala closed a US $14 million “Series A”. Immediately prior to the financing, Enbala Holdings was formed as part of a holding company reorganization. All shares of the predecessor were exchanged for shares of Enbala Holgings as part of reorganization.
- Enbala Holgings is officially based at One Tower Bridge 100 Front Street, Suite 1225, West Conshohocken, PA, which is the office address of EnerTech Capital which was not mentioned in the new financing. EnterTech has two representatives on Enbala board.
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Enbala develops and deploys software that aggregates customer electricity demand, along with energy storage and renewable energy sources, to create a network of continuously optimized distributed energy sources.
Enbala, recently named as the industry’s #1 provider of virtual power plant software by Navigant Research, plans to continue the development and delivery of its Symphony by Enbala software suite with leading utilities and energy service providers.
“We are seeing a surge in the number of distributed energy assets and a clear market need for grid edge control and orchestration,” said Grant Allen, Head of ABB Technology Ventures. “I am excited to bring together ABB’s deep experience in distribution and energy market operations with Enbala’s best-in-class software to design a solution tailored to the unique needs of our global client base, many of whom are leading the charge in integrating distributed energy resources.”
“As our industry continues to evolve and customer needs change, we are preparing for a more distributed future. Aggregating distributed energy resources so they function as a virtual power plant is an important part of this evolution. Enbala’s technology and expertise position it well to scale the deployment of virtual power plants and generate value for customers, distributed resource providers and the grid as a whole,” added Mathew Sachs, Vice President of Distributed Energy Development at National Grid.
“This new investment from solid investors is helping to link distributed energy resources to grids around the world and will drive enormous value for our customers and the distributed energy industry,” commented Arthur (Bud) Vos, Enbala President and CEO. “Our investors have long been recognized as leaders in energy management and for their focus on safeguarding the environment for future generations. This new funding will help strengthen both positions, and we look forward to a mutually beneficial future.”
Formerly known as Sempa Power Systems Ltd., Enbala was re-organized in March 2015 as part of Series A financing.
photo credit: Enbala