Sunverge, the provider of an industry leading Distributed Energy Resource (DER) control and aggregation platform, today announced an $11 million capital raise.
The round was led by Ecosystem Integrity Fund with participation from Equinor Energy Ventures and Evergy Ventures.
With the funding, the company will continue to expand and evolve its platform to help utilities to operationalize and integrate DERs into core utility operations.
The global energy landscape is undergoing a rapid transition and transformation. The latest FERC report shows generation from renewables outpacing nuclear and traditional generation methods, with additional momentum expected to continue throughout 2022.
With the changing market landscape, today’s utilities require new mission critical technologies to enable them to integrate and operate DERs as reliable generation and grid assets in order to modernize their distribution grids and replace traditional fossil fuel peak and base generation with distributed clean energy resources.
The Sunverge Energy Platform provides utilities with real-time grid-edge visibility and management capabilities for this increasingly distributed and interconnected web of DERs that include solar, energy storage, EVs and EV chargers in addition to other smart devices such as smart thermostats, water heaters and more.
“Right now, customers typically own DERs, but utilities are the ideal owners of these assets due to their lower cost of capital,” said Gareth Burns, Managing Director at Equinor Energy Ventures. “Sunverge’s platform proves the value of the baseload power generated by DERs and will ultimately help utilities convince both public utilities commissions and consumers that assets like solar and energy storage are the right investment for the future of our energy markets.”