Opus One Solutions has closed a Series B add-on financing led by MacKinnon, Bennett & Company (MKB) and Export Development Canada (EDC). Renewal Funds which led Opus’ Series B also participated in the new financing. Series B investors also include Energy Impact Partners (EIP) and Engie which did not participate in the add-on.
Toronto based Opus One Solutions is a software engineering and solutions company with the vision of a distributed energy network
Opus raised undisclosed amount in 2016 in Series A financing from Energy Impact Partners which was later joined by Engie.
photo credit: Pixounaut via pixabay
Opus One Solutions Receives Funding from Canadian Investors MKB, Export Development Canada and Renewal Funds
Toronto – June 24, 2019 – Opus One Solutions, a leading provider of transactive energy and distributed energy management software solutions, announced today that it has closed another round of funding led by MacKinnon, Bennett & Company (“MKB”) and Export Development Canada (“EDC”) to accelerate the company’s growth in North American and global markets. An additional investment from Renewal Funds was also received this round.
“Canada and many other nations around the world have aggressive GHG reduction targets and are looking to build smarter, cleaner, and more cost-effective electricity grids to help meet those targets,” says Joshua Wong, President & CEO of Opus One Solutions. “More than ever, utilities need software intelligence that can help them manage and extract value from the increasing amounts of clean distributed energy resources connecting to their local power grids. MKB, EDC and Renewal Funds understand the importance of our technology to international grid modernization and decarbonization efforts, and their support will help us bring our unique solutions to even more utilities.”
“The global energy sector is being profoundly disrupted by the rise of distributed energy resources, creating an accelerating need for more dynamic and digital software services in the utility world,” says Patrick Bennett, Partner at MKB. “We believe that Opus One, with its GridOS platform, will be the industry leader in driving this change and digitalizing the distribution grid. We are excited to support them in achieving their vision of a clean, smarter and more decentralized energy system.”
Dan Mancuso, Senior Vice-President of Financing and Investments at EDC adds, “We built our Cleantech Co-Invest Program (CCIP) for this exact reason – to work alongside like-minded investors and make growth capital available to promising Canadian cleantech companies when they need it. Opus One, with its intelligent and scalable energy solutions, definitely qualifies as promising and we look forward to seeing what they’ll accomplish in a global cleantech market that continues to grow.”
The latest infusion of capital completes Opus One’s Series B funding. In December 2018, the company announced that it received an initial Series B investment led by Renewal Funds. Investments from these value-added partners are helping propel Opus One forward as well as the evolution of its world-leading solutions. For instance, the company launched its web-based GridOS® Integrated Distribution Planning (IDP) product with Hawaiian Electric earlier this year to help the utility plan for widespread distributed energy as the state works towards its 100-percent renewable energy goal by 2045. Ameren Corporation and Opus One Solutions also recently announced that they are working together to test a transactive energy marketplace and evaluate the use of Blockchain ledger systems. The marketplace will build on one of the most technologically advanced utility-scale microgrids in North America and Opus One’s GridOS® platform.
About Opus One Solutions
Opus One Solutions is a software engineering and solutions company with the vision of a distributed energy network. Opus One’s intelligent energy networking platform, GridOS®, optimizes complex power flows to deliver real-time energy management and integrated planning to distribution utilities and other managers of distributed energy assets. GridOS is modular, scalable, and integrates seamlessly with existing data systems to unlock greater potential for distributed energy resources, including renewable generation, energy storage, and responsive demand. GridOS also facilitates the management of microgrids — from homes to businesses to communities — for unparalleled grid resiliency and value to the electricity customer. www.opusonesolutions.com
MKB is an independent Montreal-based private investment firm that provides growth capital to companies at the forefront of innovation in the energy, transportation and smart city sectors. MKB applies a pro-active, hands-on approach to investing, taking significant minority positions in its portfolio companies and assisting management teams in reaching their full potential by providing in-depth strategic and financial advice. www.mkbandco.com.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to take on the world with confidence. Underlying all our support is a commitment to sustainable and responsible business. www.edc.ca
About Renewal Funds
Renewal Funds is a mission venture capital firm investing in early growth stage companies in Canada and the United States. We add value for entrepreneurs through capital, networks, and expertise. We deliver above market returns for our partners while catalyzing positive social and environmental change. www.renewalfunds.com
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