Utilities eager to join in on reaping the benefits of energy storage software and systems
by Eric Wesoff
December 11, 2015
In August, we reported that privately held Greensmith, a provider of software for grid-scale energy storage, had closed an "oversubscribed" $12.3 million C round of funding with help from venture investors and $5 million from utility behemoth AEP.
Despite its "oversubscribed" condition, Greensmith has allowed itself to collect an additional $5 million from another impressive name in energy, European utility giant E.ON. That brings Greensmith's investment total to about $27 million. Greensmith has also won funding from VC firms Cota Capital and Maryland's own TDF Ventures.
The energy storage market has received more than $270 million in venture capital funding this year, according to GTM Research. Key Greensmith competitor Younicosjust raised $50 million in a funding round that included First Solar -- bringing its funding total to about $250 million.
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