Green Charge Networks, the energy storage provider, and K Road DG have announced the closing of a $56 million capital infusion.
GreenStation, the scheme initiated under Green Charge’s Power Efficiency Agreement (PEA), will be provided with fund and strategic management guidance by K Road DG to enhance the deployment.
Green Charge, founded in 2009, was pioneers in marketing an energy storage product for commercial and industrial customers.
GreenStation has been installed by 7-Eleven, Walgreens, UPS, school campuses, and cities across New York and California. Green Charge will now operate with PEA for energy storage assets deployed at customer sites providing them with utility bill savings, zero capital maintenance costs and mitigated performance risk.
The PEA will pass on the performance task to Green Charge as an asset owner just in the case of a solar PPA. This kind of financing is common in distributed solar, but is a maiden attempt in energy storage sector, hoping to connect a wide segment of the market.
IHS, a market research firm, predicts that the energy storage market will grow to an installation rate of over 40 GW by 2022, from 0.34 GW in 2012 and 2013 annually. The US is predicted to be the largest market for grid-connected energy.
Power efficiency is the next frontier in energy savings. A plan to leverage the alliance and financing from K Road DG to scale the company’s deployments and continue the customer-centric innovations will take place, said, Vic Shao, CEO, Green Charge.
K Road DG officials have confirmed their faith in technology solutions provided by Green Charge that respond to a global demand for intelligent energy storage.