Enbala Power Networks, a Vancouver distributed energy resource management specialist, has secured $12 million in a Series B financing. The round was led by ABB Technology Ventures, the venture arm of European technology multinational ABB. It was joined by National Grid, GE Ventures, Chrysalix Venture Capital and Obvious Ventures. Founded in 2003, Enbala develops software that aggregates electricity demand, along with energy storage and renewable energy sources, to create a network of optimized distributed energy sources. The funds raised will help scale its solutions. Enbala’s other investors include EnerTech Capital.
Enbala Power Networks Raises $12 Million to Transform Distributed Energy Resource Market
ABB Technology Ventures and National Grid Join GE Ventures, Chrysalix and Obvious Ventures to Scale Enbala’s Software Solutions
DENVER, CO AND VANCOUVER, B.C. (PRWEB) FEBRUARY 23, 2017
Enbala Power Networks, the leader in distributed energy resource management, announces that it has raised $12 million in Series-B venture financing, adding marquee strategic investors that expand and accelerate the company’s capabilities, scope and market presence.
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. This network can then provide real-time grid services, such as renewable firming, energy optimization and voltage management, which typically are provided by large, centralized generators.
The investment round was led by ABB’s venture capital unit, ABB Technology Ventures, which invests in high-potential industrial technology and energy companies that can benefit from ABB’s R&D resources and global sales channels. Additional investors include National Grid, one of the world’s largest investor-owned utilities, GE Ventures, Chrysalix Venture Capital and Obvious Ventures.
“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.”
This announcement comes on the heels of a strategic partnership to create a new Distributed Energy Resource Management System (DERMS) incorporating the Symphony by Enbala distributed energy aggregation and control platform into ABB’s advanced distribution management system (ADMS) and Energy Portfolio Management offerings.
Mathew Sachs, Vice President of Distributed Energy Development at National Grid, said, “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.”
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.
“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,” said Enbala President and CEO Bud Vos. “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.”
About ENBALA Power Networks
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. Enbala’s real-time energy-balancing platform is transforming energy system operations through its revolutionary, highly flexible approach for creating controllable and dispatchable energy resources. It unobtrusively captures and aggregates available customer loads, energy storage and renewable energy sources to form a network of continuously controlled energy resources. The platform dynamically optimizes and dispatches these resources to respond to the real-time needs of the power system – all without impacting customer operations. For more information, visit http://www.enbala.com or follow us on Twitter at https://twitter.com/Enbala.
About ABB Technology Ventures
ABB Technology Ventures (ATV) is the strategic venture capital unit of ABB. Headquartered in Silicon Valley, ATV invests in high potential industrial technology and energy companies that can benefit from ABB’s deep R&D resources, global sales channels and wide-ranging partnerships. ATV has deployed nearly $200 million across robotics, artificial intelligence (AI), 3D printing, motor technology, electric vehicles, advanced power technologies, renewable generation and energy efficiency technology. Learn more at http://www.abb.com/ventures.
About National Grid
National Grid is an electricity and natural gas delivery company that serves the energy needs of more than 20 million people through its networks in New York, Massachusetts and Rhode Island. National Grid also operates the systems that deliver gas and electricity across Great Britain. National Grid is transforming its electricity and natural gas networks to support evolving customer needs with smarter, cleaner, and more resilient energy solutions. Learn more at http://www.nationalgridus.com.
Photo courtesy of ABB