Advanced Microgrid Solutions Raises $34M Series B From a Who’s Who of Strategic Investors

GreentechMedia
By Jeff St. John
July 10, 2017

Ener­gy Impact Part­ners, South­ern Com­pa­ny, AGL and GE Ven­tures take stakes in Cal­i­for­nia start­up that’s link­ing bat­ter­ies, build­ings and the grid.

Advanced Micro­grid Solu­tions, the Cal­i­for­nia start­up with a fleet of behind-the-meter bat­ter­ies that can shape load to help meet build­ing and grid ener­gy needs, has raised a $34 mil­lion Series B round from some key util­i­ties and cor­po­rate investors try­ing to break into the dis­trib­uted ener­gy busi­ness.

Mon­day’s round was led by pre­vi­ous investor DBL Part­ners, util­i­ty-fund­ed invest­ment firm Ener­gy Impact Part­ners (EIP), and South­ern Com­pa­ny, a found­ing mem­ber of EIP, which last month announced it was part­ner­ing with Advanced Micro­grid Solu­tions through its Pow­er­Se­cure sub­sidiary.

Oth­er par­tic­i­pants in the round includ­ed Mac­quar­ie Cap­i­tal, the invest­ment firm that last year pledged $200 mil­lion to finance Advanced Micro­grid Solu­tions’ projects, and two new investors: GE Ven­tures and Aus­tralian util­i­ty AGL, anoth­er EIP mem­ber. Oth­er ear­ly investors join­ing the new round include for­mer Cal­i­for­nia Gov. Arnold Schwarzeneg­ger, an ear­ly sup­port­er of the com­pa­ny through his con­nec­tion to CEO Susan Kennedy.

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