Home battery storage and virtual power plant (VPP) specialist Lunar Energy has raised US$102 million in an oversubscribed Series D financing round led by B Capital and Prelude Ventures.
This round follows an unannounced Series C funding of US$130 million led by Activate Capital. Lunar Energy says these funds will further its goal of providing every home with clean, reliable, and affordable energy through its hardware and software solutions.
The Series C and D funding rounds also saw involvement from DCVC, Piva Capital, Leitmotif, Sunrun, Itochu Corporation, and Q Capital Partners.
The investment will also support the expansion of Lunar’s AI-powered distributed energy platform, Lunar Gridshare, which currently oversees what the company claims to be the country’s largest VPP.
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Lunar Energy says it has 650MW of devices under management globally and is providing integrated hardware and software value at scale.
During its initial year of commercialisation, Lunar installed thousands of systems in California. US residential solar and energy storage installer Sunrun uses Lunar’s Gridshare platform for its distributed power assets in over a dozen markets, including New England, Hawaii, and Puerto Rico.
Additionally, California Community Choice Aggregators (CCAs) utilise Gridshare to create and implement new distributed power initiatives statewide. Utilities and energy retailers in Europe and Asia also collaborate with Lunar to speed up their transitions to renewable energy.
The company entered the market in 2022, following a funding round that exceeded US$300 million a few years earlier, with investments from top US residential solar and storage leasing firm Sunrun and South Korea’s SK Group.
In a recent interview with Energy-Storage.news Premium, Ed Gunn, VP of revenue at Lunar Energy, said of VPPs:
“The key is capturing value in a way that works for everyone. Customers care about lowering bills, earning income, and maintaining control. Utilities care about reliability and predictable performance. Smart devices and intelligent software make it possible to meet both sets of priorities by coordinating DERs in ways that support the grid, while delivering tangible financial benefits to customers.”
He continued, “We see a quiet revolution taking place in the last few years: VPP hype has led to many VPP operators chasing the quickest buck but forgetting about the end customer on whose device the VPP is built upon. We take a different approach. Our experience has shown that optimising VPP performance in addition to managing the customer cost and value of participating very carefully, and managing the customer experience, yields the best outcomes for customers and the grid.”
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