Opus One Solutions, a Toronto-based smart grid software engineering company, has raised a Series B financing.
The undisclosed round was led by Canadian impact venture capital firm Renewal Funds. It joins the company’s strategic investors Energy Impact Partners and Engie.
Founded in 2011 by President and CEO Joshua Wong, Opus One’s technology helps utility partners gain visibility into electricity distribution systems and better manage distributed energy resources.
The funds raised will be used to expand offerings in North American and global markets.
Opus One is the first investment of Renewal’s fourth social and environmental impact fund.
Opus One Solutions closes Series B of Investment led by Renewal Funds
Renewal Funds joins funders Energy Impact Partners and Engie
December 13, 2018
NEW YORK and TORONTO, Dec. 13, 2018 (GLOBE NEWSWIRE) — Opus One Solutions, the leader in transactive energy and distributed energy software solutions, today announced it has closed a series B funding led by Renewal Funds to further the company’s mission to embed their energy solutions across North America and the globe.
This latest infusion of capital will help Opus One expand their offerings in the United States, Canada and globally at a crucial time when utilities are grappling with the complexities of transitioning from an electric grid dominated by large, centralized power plants to one in which customers increasingly own distributed energy resources (DERs) like solar panels, battery storages, electric vehicles and smart homes.
“The energy sector is changing rapidly and providing new opportunities for utilities and organizations to better deploy energy solutions. We’re only at the dawn of what technology can do to transform this sector. Renewal Funds not only understands our goal to modernize the grid for two-way energy flows, big data analytics, and transactive business models, but they also add significant strategic value,” said Joshua Wong, President and CEO of Opus One.
“The environment and clean technology are priority investment areas for us,” shared Paul Richardson, Managing and Founding Partner, Renewal Funds. “We’ve looked at a number of impressive technologies designed specifically for grid solutions and DER integration over the years, yet Opus One Solutions is the first company we’ve seen that can bring all these disparate technologies together under a single umbrella. We’re excited to partner with the Opus One team and their investor advocates, to find new ways to bring the company’s current and future solutions to utilities and organizations around the world.” Opus One is the first portfolio company in Renewal Funds’ latest venture fund: Renewal4.
Renewal Funds, a mission venture capital firm that invests exclusively in companies that deliver meaningful environmental impact, joins strategic investors Energy Impact Partners (EIP), the utility-backed investment fund, and Engie, a global leader in energy solutions and services in providing investment to propel Opus One forward.
In Hawaii, on some islands, nearly a third of homes have rooftop solar panels. The state has established a 100 per cent renewable energy goal which means that distributed energy is presenting significant challenges. Opus One announced in April that they will use their GridOS® Dynamic Hosting Capacity to understand how much DER can be accommodated on a feeder or neighborhood circuit in close to real-time to optimize grid assets and distributed energy resource assets—while maintaining stable and reliable service for customers.
Utilities and regulators across the board acknowledge the need for advanced planning and new operational capabilities. Many states, including New York, California, Hawaii, Minnesota and Colorado, have either established or are considering requirements for utilities to come forward with detailed plans describing how they will upgrade their poles and wires, utilizing non-wires solutions and control systems that comprise their distribution systems.
Opus One has achieved several significant milestones recently that signal new ways for utilities to operate their distribution systems and deliver power to customers. This year, the company launched the first distribution-level market with transparent and granular economic signals, allowing customers to deliver energy and other services to the local utility with National Grid. Establishing this kind of Distributed System Platform is a key part of New York’s “Reforming the Energy Vision” Initiative, launched in 2014 by Governor Cuomo and the Public Service Commission.
“Integrating and optimizing distributed energy is perhaps the greatest challenges the utility industry has faced in the last century,” noted Sameer Reddy of Energy Impact Partners. “We’re very excited about the early successes and leadership position that Opus One has established.”
“We see long-term trends where technology and policy are aligning to change the industry,” observes Nigel Purcell of Engie. “Opus One has demonstrated they have the capability to deliver real solutions for energy service companies who are planning for the future. This investment partnership will accelerate Opus One’s market growth and development of solutions to manage and modernize an increasingly distributed electricity grid.”
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 so that it can deliver real-time energy management and integrated planning to . 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.
About Renewal Funds
Renewal Funds is a Vancouver based mission venture capital firm investing in early growth stage companies in Canada and the United States, adding value for entrepreneurs through capital, networks, and expertise. Renewal Funds delivers above market returns for their partners while catalyzing positive social and environmental change.
About Energy Impact Partners
Energy Impact Partners is a collaborative strategic investment fund that invests in companies optimizing energy consumption and improving sustainable energy generation. Through close collaboration with its strategic investor base, EIP seeks to bring the best companies, buying power and vision in the industry to bear on the emerging energy landscape. EIP’s partners include Southern Company (NYSE: SO), National Grid (NYSE: NGG), Xcel Energy (Nasdaq: XEL), Ameren (NYSE: AEE), Great Plains Energy, and Fortis Inc. (TSX: FTS). For more information, visit www.energyimpactpartners.com
ENGIE develops its businesses (power, natural gas, energy services) around a model based on responsible growth to take on the major challenges of energy’s transition to a low-carbon economy: access to sustainable energy, climate-change mitigation and adaptation and the rational use of resources. The Group provides individuals, cities and businesses with highly efficient and innovative solutions largely based on its expertise in four key sectors: renewable energy, energy efficiency, liquefied natural gas and digital technology. ENGIE employs 154,950 people worldwide and achieved revenues of € 69.9 billion in 2015. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, DJSI World, DJSI Europe and Euronext Vigeo (Eurozone 120, Europe 120 and France 20)
Chief Strategic Growth & Policy Officer
Opus One Solutions