Caban Systems, a US battery storage tech company offering renewable energy solutions to telecoms and other critical infrastructure industries, has raised US$51 million to fuel its global expansion plans.
The company offers end-to-end turnkey energy solutions including proprietary lithium-ion battery storage technology and integrated energy-as-a-service contracts, combining the battery tech with its own remote monitoring software.
To date, it is actively managing power at more than 500 sites in 10 countries, including working with major telecommunications and cellphone companies across Latin America.
Caban Systems announced the close of its Series B funding round on 4 January, which CEO and founder Alexandra Rausch Castillo said would allow the company to “grow our business globally,” following up its launch into Latin America.
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“Caban’s seamless hardware-plus-software ecosystem underpins our value as a next-generation energy company,” Rausch Castillo told Energy-Storage.news.
The company’s proprietary AI-enabled energy management software platform, called Continuo, “supports decarbonisation by providing real-time system monitoring and peak-usage analysis. This allows users to optimise performance, reducing energy consumption which in turn reduces carbon emissions and operating expenses,” the CEO said.
Continuo combines with Caban’s main proprietary battery technology, the Caban PowerPack 2.0 which comes with lithium-ion batteries and edge controller, designed, manufactured and stress-tested at the company’s US facilities ahead of deployment.
The systems provide not only high energy density, but also intelligent controls that enable seamless switching to backup, the company claimed, and the batteries are compatible either with Caban’s own cabinets or with cabinets from third parties.
The Series B was led by venture capital (VC) and private equity investment group BCP Ventures, with other participants including institution investor Ontario Power Generation Pension Fund, private equity firms Portfolia, Ember Infrastructure and another VC, Inspiration Ventures.
BCP Ventures co-founder and general partner Roger Lang said Caban’s offerings could “reinvent energy delivery for the telecommunications sector and bring renewable power to critical infrastructure in all corners of the world,” highlighting a “rapid growth trajectory and positive climate and human impact”.
Caban Systems said that in addition to its global expansion play, the funding will also go towards growing its domestic battery manufacturing capacity and expanding its suite of products and services. The company hinted that as a US-based manufacturer, it stands in line to benefit from the Inflation Reduction Act (IRA) incentives for domestic manufacturing, which are already transforming the race to build battery manufacturing capabilities in the country and beyond.
Energy-Storage.news’ publisher Solar Media will host the 5th Energy Storage Summit USA, 28-29 March 2023 in Austin, Texas. Featuring a packed programme of panels, presentations and fireside chats from industry leaders focusing on accelerating the market for energy storage across the country. For more information, go to the website.
