Enbala Power Networks, a Canadian provider of solutions for distributed energy resource management, has raised $11 million in funding. The backers were GE Ventures, Edison International subsidiary Edison Energy, Development Canada, EnerTech Capital Partners, Sorfina Capital and Chrysalix EVC.
Vancouver, B.C. (PRWEB) March 30, 2015
Enbala Power Networks, developer of industry-changing solutions for distributed energy resource management, today announced $11 million in new equity financing. The funding round includes two new investors, GE Ventures and Edison Energy, a subsidiary of Edison International. With their focus on accelerating innovative products for the rapidly changing energy marketplace, the new investors join existing investors — Export Development Canada, EnerTech Capital Partners, Sorfina Capital and Chrysalix EVC — in a shared vision of creating the new standard for energy resource management.
“Distributed energy is critical to achieving a smarter, greener grid that leverages new and evolving sources of renewable energy,” said Colleen Calhoun, Senior Executive Director, GE Energy Ventures. “We are pleased to invest in Enbala and its technology platform and believe in its potential to keep this renewable-friendly grid in balance as the business of distributed energy continues to scale.”
Enbala, whose name is derived from “energy balance,” will use the funds to extend and enhance its technology platform, which aggregates, controls, optimizes and dispatches distributed energy in real-time. Enbala technology is being used by customers such as PJM Interconnection, New Brunswick Power, IESO and other utilities and grid operators to firm renewable energy resources, leverage customer-side assets for ancillary services such as frequency regulation, mitigate substation upgrades and reduce the use of traditional generation resources for spinning reserves.
Distributed energy resource management systems give utilities a heightened level of control and flexibility needed to more effectively manage the technical challenges posed by an increasingly distributed grid. “Our capital investment in Enbala and its energy balancing platform underscores our confidence in the future of distributed energy and in Enbala’s ability to meet the issues facing our industry,” commented Oded Rhone, Vice President of Strategic Planning for Edison International.
“We share a single, overriding passion at Enbala – to make the grid more flexible, reliable and predictable by harnessing the power of distributed energy in a manner that is not disruptive to the owner of the asset,” said Bud Vos, Enbala CEO. “With GE Ventures and Edison International as new equity investors, and the continued support of our current investors, the Enbala alliance includes the energy industry’s largest and most well-respected companies – companies with a reputation for backing winning products. This puts us in an excellent position to become the leading company in the growing distributed energy resource management market with an industry leading platform for optimization and control.”
Enbala Power Networks is focused on making the world’s power grids greener and more reliable, efficient and predictable by harnessing the power of distributed energy. We are doing this with a transformative real-time energy-balancing platform that we believe will fundamentally change the utility landscape. The Enbala platform provides a revolutionary, highly flexible approach for creating controllable and dispatchable energy resources. It unobtrusively captures and aggregates available commercial and industrial (C&I) process loads, energy storage and renewable energy sources to form a network of continuously controlled resources. It then intelligently and dynamically optimizes and dispatches these energy resources to respond to the real-time needs of the power system – all without impacting C&I customer operations.
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