Greensmith Raises $12.3 Million in its Series C Offering
Greensmith Energy Management Systems, a provider of grid-scale energy storage software and integration solutions, has completed its $12.3 million Series C round of financing. The round was led with a $5 million dollar strategic investment from American Electric Power one of the largest electric utilities in the United States, serving nearly 5.4 million customers in 11 states. Securing a strategic investment from a premier utility is a key component in solidifying Greensmith's leadership position in the energy storage industry.
With an industry-leading technology platform, a track record of successful deployments, and strong customer and partner relationships, Greensmith believes it is poised to take a significant share of the growing number of grid-scale storage opportunities. The strategic investment will provide AEP with direct access to Greensmithâ€™s extensive energy storage deployment expertise and its advanced GEMS energy storage software platform, helping the utility determine the best options for grid-scale energy storage deployment.
â€œAEPâ€™s strategic investment in Greensmith provides our company with a significant competitive advantage in the energy storage marketâ€”access to the knowledge base of a forward-thinking utility with almost 32,000 MegaWatts of generating capacity and a 40,000-mile transmission network,â€ said John Jung, CEO of Greensmith. â€œFurther, AEP will provide us invaluable insight to guide our strategic decisions on product development and market expansion.â€
â€œGrid-scale energy storage provides significant opportunities to optimize the performance of the grid and also to support additional integration of new generation resources including renewables and distributed generation,â€ said Nicholas K. Akins, AEP's chairman, president and CEO. â€œGreensmith has successfully deployed dozens of integrated, grid-scale energy storage solutions for utilities and companies. By investing in Greensmith, AEP will help advance energy storage technologies and development of innovative energy infrastructure solutions for the benefit of our customers.â€