Green Charge Networks Secures $56M for Intelligent Energy Storage
Green Charge Networks, Inc. and K Road DG, announced the closing of a $56 million capital infusion. K Road DG is providing funding and strategic management assistance to Green Charge to accelerate deployment of the proprietary GreenStation™ under Green Charge's Power Efficiency Agreement (PEA). The $56M round is the largest amount of capital raised by any company in the intelligent energy storage space, thus securing Green Charge Networks' leadership position in this evolving sector.
Founded in 2009, Green Charge is the first to market with a robust energy storage product proven to reduce power demand charges for commercial and industrial customers on their monthly utility bills. Green Charge's GreenStation has been successfully installed by 7-Eleven, Walgreens, UPS, school campuses, and cities across New York and California. Now with the PEA, Green Charge will own and operate energy storage assets deployed at customer sites, while providing the customer with a powerful combination of utility bill savings, zero capital and maintenance costs, and mitigated performance risk.
Similar to a solar Power Purchase Agreement (PPA), the PEA shifts the performance burden onto Green Charge as the asset owner instead of the customer. This type of financing model was key to spreading distributed solar around the globe, but has not been available in the energy storage market until now. This financing allows Green Charge to serve the broadest cross-section of the market.
"Power efficiency is the next frontier in energy savings," said Vic Shao, CEO at Green Charge. "We plan to leverage the alliance and financing from K Road DG to scale our company's deployments and continue our customer-centric innovations."
"We are excited to enter into this strategic alliance and to provide growth capital that will drive deployment of Green Charge's innovative technology to C&I customers on a commercial scale," said William Kriegel, CEO of K Road DG. "K Road DG believes that Green Charge's technology solutions respond directly to a global demand for intelligent energy storage."
