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Sunverge nets US$15 million to support storage system rollout

Sunverge's SIS combines storage, monitoring and control technology

Sunverge, a California-based provider of distributed energy storage and control systems, has closed a US$15 million funding round that it said would support its expansion.

The equity financing was led by the Southern Cross Renewable Energy Fund and joined by the venture capital units of Siemens and Total, according to a company statement.

Founded in 2009, Sunverge manufactures a Solar Integration System, which combines batteries, power electronics and multiple power inputs for distributed energy systems.

The company said it had 300 units deployed in the US, Australia, New Zealand, Germany and South Korea.

Kenneth Munson, president and CEO of Sunverge Energy, said: “This financing provides us the capital to open new markets, enhance support of our existing global customer base and drive the development of our rapidly growing pipeline.

“This world-class partnership validates the arrival of distributed energy storage into the mainstream and the leading position that Sunverge has already established.”

Christophe Tonion, senior investment manager at Total Energy Ventures, added: “We believe storage is critical for the expansion of solar and energy services markets, but what will be truly disruptive is the power to aggregate all sorts of distributed energy resources, be they solar, storage, smart devices, or electric vehicles. This ‘virtual power plant’ capability is at the core of Sunverge’s technology and go-to-market strategy.”

Tags: battery, pv, power generation, distributed energy, distributed generation, funding round, equity financing