Distributed energy resource (DER) platform Voltus has raised US$225 million in an oversubscribed Series D financing round and is looking to expand in the US and Canada.
Announced 8 October, investment fim Generation Investment Management led the round alongside co-leads venture capital (VC) firm Activate Capital and energy and commodities company Vitol. Other investors include investment firm Broadscale Group, specialist investor Climate Investment, private equity firm NGP, VC firm Ajax Strategies and VC firm All Aboard Fund.
Voltus highlighted that according to the North American Electric Reliability Corporation (NERC) peak demand is expected to grow 24% over the next decade, more than double the growth it forecasted two years ago.
Voltus claimed it will use the recently announced funding to help close the grid’s capacity gap. The company anticipates it will grow its platform to 20GW by 2030 as it executes on its Bring Your Own Capacity (BYOC) programme in PJM and MISO and expands its leadership position across the US and Canada.
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Voltus connects DERS such as residential battery energy storage systems (BESS), electric vehicle supply equipment (EVSE), or heating and cooling systems through its virtual power plant (VPP) to provide capacity to grid or data centre operators.
Voltus is paid for that capacity and in turn pays or helps to reduce the energy bills of users who participate in its VPP programme.
In August, residential solar and BESS provider Sunrun signed an agreement with Voltus wherein Sunrun will provide energy capacity from a portion of its residential solar-plus-storage systems to help deliver power in PJM and MISO.
In June, Voltus and tech giant Google signed a three-year agreement that sees Voltus aggregating up to 100MW of DERs each year from businesses and homes in the PJM region into a Google-funded VPP.
