News

Go Electric Closes $4,000,000 Series A Funding

March 15, 2016 by Jeff Shepard

Go Electric Inc has closed a $4,000,000 Series A investment. The investment round was led by GXP Investments, Inc., the investing arm and wholly owned subsidiary of Great Plains Energy Incorporated, and included Elevate Ventures and the Clean Energy Trust. The funding will support Go Electric's LYNC DR® product line, grow the Go Electric team, and expand the company's energy solutions into utility demand response markets across the country. In addition, GXP Investments will add two seats to the Go Electric Board of Directors.

LYNCâ„¢ is a patented technology that instantly provides ac electrical power at the correct frequency, phase and voltage from any ac and dc power sources. LYNCâ„¢ uniquely operates as an uninterruptible power system (UPS) for facilities, reduces energy cost and fuel consumption by seamlessly incorporating renewable energy and battery power, synchronizing and managing multiple generators at maximum efficiency , shaving peak loads, and providing power factor correction. Go Electric claims that LYNCâ„¢ is the only UPS that pays for itself.

LYNC DR™ energy services is launching in 2016, and will provide automated demand response to utilities and UPS services to facilities. “Go Electric’s unique business model and technology are game changers for utility demand response markets,” said Dennis Odell, Director, GXP Investments. “Go Electric’s LYNC DR® solution offers utilities the ability to use their customers’ energy resources for demand response without any interruption to customer operations. And the company’s ‘give it away for free’ business model is industry leading for implementing customer-side-of-the-meter demand response systems.”

“Elevate Ventures is pleased to invest alongside GXP Investments,” said Chris LaMothe, CEO of Elevate Ventures. “The energy sector is a pillar industry for Indiana and Go Electric is poised to reshape how energy services are delivered and grow this sector in a unique way.”

“We are excited to have GXP Investments on board to guide the company’s growth”, said Lisa Laughner, President & CEO Go Electric Inc. “Having an investor with their credibility in the demand response market is an important attestation to our vision for the industry. With Elevate Venture’s investment, we look forward to adding high-tech jobs in Indiana and further expanding Indiana’s national leadership in the energy sector.”

Go Electric has military and commercial customers in Hawaii and New York, and recently completed a three MW operational demonstration at Camp Smith, HI for the SPIDERS Phase III micro grid project. The company is delivering four systems for the RISE:NYC program and was recently awarded the Wells Fargo IN2 award.