Recurve, a Mill Valley, CA-based open-source platform that enables planning, procurement, and demand flexibility for virtual power plants, raised $18M in Series B funding.
New investors in the round include Calpine Energy Solutions, Quantum Innovation Fund, and Toshiba Energy Systems & Solutions, with additional participation from existing investor Energy Foundry.
The company intends to use the funds to accelerate the transition to clean energy by reducing stress on the grid during periods of high demand.
Led by Matt Golden, CEO, Recurve provides an open-source platform and revenue-grade data that creates demand flexibility markets enabling virtual power plants, giving utilities and aggregators the confidence to treat distributed energy resources as grid assets. The company integrates behind-the-meter demand flexibility resources into the emerging carbon-free energy grid, providing companies with the real-time transparency needed to revolutionize the way energy efficiency is measured, deployed, and procured. Recurve is accessible across the United States and growing globally.
In partnership with MCE, Recurve created the first FLEXmarket to connect solution providers (otherwise known as “aggregators”) to markets that pay for the grid value of their projects. In July 2022, Recurve and Pacific Gas and Electric Company (“PG&E”), California’s largest utility, launched PG&E’s Market Access program.
Designed to reduce demand at peak times, FLEXmarket helps mitigate summer blackouts, like the rotating outages some Californians experienced during Summer 2020. FLEXmarket provides market access to new technologies and innovative business models by paying for performance based on how users reshape or reduce load during high-demand periods when the grid is most at risk of an energy shortfall.
In order to optimize demand flexibility technology, Recurve is working across the country and internationally to utilize newfound telemetry from recent smart-meter investments.
FinSMEs
30/08/2022