Business models used by Advanced Microgrid Solutions (AMS), including creating “Hybrid Electric Buildings” with energy storage, take the industry to a “new level”, VC investor Nancy Pfund has said.
Investors including actor and activist Arnold Schwarzenegger, major Australian utility AGL, GE Ventures and Macquarie Capital participated in the successful raise of more than US$34 million in a Series B funding round, which AMS announced yesterday.
AMS said it will use the cash to scale up the deployment of Armada, the company’s platform for integrating distributed energy resources (DERs) into buildings and connecting them to the grid. The company also said the funds will go towards expanding AMS’ presence in new markets. Energy-Storage.News emailed an AMS representative for further details on which geographies and market segments this may constitute, but did not receive a reply by the time of writing.
As with a previous Series A, Nancy Pfund at social impact investing firm DBL Partners led the round, alongside utility-funded investment firm Energy Impact Partners (EIP) and a utility, Southern Company. A distributed infrastructure subsidiary of Southern Company recently formed a partnership with AMS for behind-the-meter project work.
Pfund told Energy-Storage.News that there were plenty of reasons why AMS had been a popular call for investors. The company is led by energy industry veteran Susan Kennedy, who had a three-year stint as a California Public Utilities Commissioner and also served as advisor to Schwarzenegger when he was Governor of California.
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