Swell Energy, a Los Angeles, CA-based provider of energy management and smart grid solutions, raised $120M in Series B funding.
The round was led by SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund I, LP, with participation from Ares Infrastructure Opportunities fund and Ontario Power Generation Pension Fund.
The company intends to use the funds to further its virtual power plant (VPP) programs.
Led by CEO Suleman Khan, Swell Energy provides solutions that accelerates the mass adoption of distributed clean energy technologies by enabling consumers to take control of their energy use and cost, achieve energy security, and participate in the transactive grid. Swell Energy offers homeowners and businesses with financing and virtual power plant programs while partnering with local solar and solar+storage companies for installations. By creating a critical mass of dynamic and responsive clean energy resources within utility service areas across the United States, the company also delivers resilient virtual power plant networks and grid-balancing services to utilities.
Swell’s VPP programs help reduce the use of fossil fuel peaker plants by utilities and provide other important grid services by integrating solar, energy storage, and electric vehicle charging with the utility to provide a more reliable and carbon-neutral grid. VPPs provide a variety of grid service capabilities through projects in utility territories across Hawaii, California, and New York.
FinSMEs
22/11/2022