Advanced Microgrid gets $8.8 Million looking for $10 Million More
In a recent filing with the U.S. Securities Exchange Commission, Advanced Microgrid Solutions (AMS) indicated that it has raised $8.8 million in equity from a total of 14 individual investors out of a total offering of $18.8 million. It is unclear if or when the additional $10 million might be raised. AMS previously announced that the company has been awarded a 50-megawatt contract by Southern California Edison (SCE) to develop the first grid-scale fleet of Hybrid-Electric Buildings™ in the world.
AMSâ€™s Hybrid-Electric Buildingâ„¢ project is a cutting-edge initiative to install advanced energy storage systems in commercial and industrial buildings to provide large-scale grid support to utilities. Equipping individual buildings with state-of-the-art battery technology and advanced energy management software enables the building load to be shifted from electric grid to battery power during peak demand periods. Hybrid-electric buildings are then aggregated into â€œfleetsâ€ and operated as a single resource, allowing SCE to shift the entire fleet of buildings to stored energy when grid resources are strained.
â€œEdison is changing the game with this investment in â€˜customer-sitedâ€™ energy storage,â€ said Susan Kennedy, founder and CEO of AMS. â€œBy harnessing the power of energy demand in commercial buildings, SCE is turning its largest energy users into its cleanest, most efficient grid resource.â€ AMS was founded two years ago by Kennedy, former chief of staff to Governor Arnold Schwarzenegger, and Jackie Pfannenstiel, former Assistant Secretary of the Navy (Energy, Installations & Environment) for President Obama.
â€œEdison is making a revolutionary investment in tomorrowâ€™s energy grid,â€ Pfannenstiel said. SCEâ€™s groundbreaking power purchase agreement calls for AMS to develop 50 MW of energy storage projects in commercial and industrial buildings throughout its West Los Angeles service territory. â€œInstalling storage directly at the load center builds resiliency into the electric grid from the foundation up,â€ Pfannenstiel said. â€œDistributed storage provides greater reliability and lower costs to SCE customers while simultaneously providing firm, dispatchable load management to the utility.â€
â€œEquipping a building with the technology to store and manage its own electricity turns that building into a stand-alone storage unit,â€ Kennedy said. â€œCombine a dozen buildings into a fleet and you have the utility equivalent of a peaker plant. This â€œdual-useâ€ approach lowers costs for building owners and provides a clean, cost-effective resource for utilities.â€
The first 10-megawatt Hybrid-Electric Building project will be installed in Irvine, California and will be completed in Q4 of 2016.