$8.5 Million for Virtual Power Plants

AltEnergy, LLC has closed on an $8.5 million investment in Viridity Energy, Inc. for the continued market development of the company's demand response, demand management, and battery storage solutions that compose virtual power plants. Since its inception in 2009, Viridity Energy has been providing VPower™ demand response and demand management software technology and services, along with battery storage solutions. The company leverages highly efficient distribution capabilities through an extensive channel partner network that includes such industry leaders as Engie (formerly GDF Suez Energy Services) and ConEdison Solutions, as well as through direct sales to high-demand electricity users.

Viridity has built one of the largest behind-the-meter battery storage portfolios on the East Coast, including a recently announced 7MW project in Ohio with Half Moon Ventures – the largest solar-plus-storage project of its kind in the U.S., which was commissioned last month. The company is also working on construction of an 8.75MW regenerative braking project with the Southeast Pennsylvania Transit Authority (SEPTA), Constellation, ABB and Saft.

“AltEnergy’s commitment to Viridity Energy with this latest investment allows us to continue the rapid growth we’ve experienced over the last three years, with capital to expand our resources in software technology and services for demand response and battery storage customers,” said Mack Treece, CEO of Viridity Energy. “We now have over 2,000 large commercial and industrial end-users leveraging our software to lower their overall spend on energy. Our battery storage solutions have also become a rapid area of growth.”

“Since AltEnergy’s original investment in Viridity in 2009, the company has evolved into an industry leader with innovative software technology that maximizes the value of flexible energy load,” said Russell Stidolph, Founder and Managing Director of AltEnergy. “This investment will help fuel the continued rapid growth of the company, and further extend its leadership position in energy storage and advanced demand response.”