Santa Clara-based Green Charge Networks announced Tuesday a $56 million funding round, led by K Road DG. It’s yet another sign that energy storage is one of the next big sectors for clean tech.
Green Charge, founded in 2009, is marketing energy storage technology for commercial and industrial customers, including 7-Elevn, Walgreens and UPS. Commercial clients are eager to reduce the costly demand charges that make up big portions of their electric bills.
The funding round will allow Green Charge Networks to deploy its PEA, or Power Efficiency Agreement. A financing model similar to the solar PPAs that are all the rage, Green Charge will own and operate the energy storage system instead of the customer.
“Power efficiency is the next frontier in energy savings,” said Vic Shao, CEO at Green Charge, in a statement. “We plan to leverage the alliance and financing from K Road DG to scale our company’s deployments and continue our customer-centric innovations.”
