The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

Energy trader Vitol leads US$100 million funding round for BESS system integrator FlexGen

LinkedIn
Twitter
Reddit
Facebook
Email

US energy storage system integration services and software company FlexGen has raised US$100 million in a Series C funding round.

The company said yesterday that the investment will enable it to make progress on its pipeline of large-scale battery energy storage system (BESS) projects for customers across multiple regions. A representative said it leaves FlexGen “well positioned to execute on its large pipeline”.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The round was led by Netherlands-headquartered commodities and energy trading group Vitol which reported US$279 billion annual revenues in 2021 and trades around 7.6 billion barrels of crude oil and products daily. Vitol has also committed US$1.3 billion to global renewable energy projects.

“We will not reach our carbon reduction targets without energy storage, which addresses the intermittency of renewables generation and helps to create a more stable grid for the future,” Vitol’s head of renewables R. Andrew Pass said, describing FlexGen as “the leader in energy storage solutions”.

The energy trader will support international expansion for FlexGen through the Dutch company’s global footprint, Pass said, while Vitol will also provide energy storage optimisation services to FlexGen’s customers which include utilities, independent power producers (IPPs) and cooperatives.  

Also joining the round were some of FlexGen’s existing investors.

It comes less than a year after a Series B funding round which raised US$150 million equity investment from alternative asset management group Apollo Global Management.

Incidentally, in 2021, Apollo-affiliated investors also bought a 50% stake in Broad Reach Power, a clean energy independent power producer (IPP) which is developing large-scale BESS projects in regions including Texas and California, where FlexGen is also active.

FlexGen to date has installed more than 3GWh of energy storage since its founding in 2009, when in its early years it was largely focused on microgrids in remote regions for customers including US military forces.

Today, its pivot towards grid-connected large-scale battery storage has led it to contracts for recent projects that include a 2.1GWh BESS portfolio for California investor-owned utility (IOU) Southern California Edison (SCE) and a deal to put 10 BESS assets totalling 40MW at substation sites for a group of North Carolina electric cooperatives.

The company has always emphasised that its technologies, including its Hybrid OS software controls platform are a key differentiator, having been developed over more than a decade. It has enabled diversification into developing digital twins for BESS project design evaluation and the launch of an integrated electric vehicle (EV) charger offering including battery storage and energy management system (EMS) equipment, for example.

The investment also follows the news just a few days ago that rival system integrator Powin Energy has raised US$135 million from its two existing shareholders and Singapore sovereign wealth fund GIC.

12 November 2024
San Diego, USA
As we see more storage projects become operational, the big question is “how to maximize your assets?” This event will prepare the industry for the road ahead, looking at the core fundamentals of asset management, understanding operational challenges, along with the latest optimization and software development. You can expect to meet and network with all the key industry players from major US asset owners, operators, RTOs and ISOs, optimizers, software and analytics providers, technical consultancies, O&M technology providers and more.

Read Next

June 21, 2024
Rankings by EY of the most attractive markets for renewable energy investment include battery storage, with US, China and UK as frontrunners.
Premium
June 19, 2024
Meeting the requirements of the European Union’s forthcoming ‘digital product passport’ for batteries is not as complex as it may seem, Energy-Storage.news Premium has heard.
June 19, 2024
A 25MW/55MWh battery energy storage system (BESS) has been commissioned by operator Renalfa IPP, using technology provided by Chinese firms Hithium and Kehua.
Premium
June 18, 2024
Octopus Energy’s head of flexibility discussed its tolling deal with Gresham House for nearly 1GWh of BESS projects, including how they will fit into its VPP portfolio and whether their energy market activity could change under its control.
June 14, 2024
System integrator Stem Inc and developer Prometheus Power have deployed the first of three co-located BESS projects in Arizona for utilities in the AEPCO co-operative.

Most Popular

Email Newsletter