French oil major Total stumps up for ‘energy internet’ in AutoGrid’s latest Series C funding
Total Power Ventures, the corporate mission arm of French oil and gasoline corporation Overall, has received a stake in Energy software organization AutoGrid Structures within the US company’s state-of-the-art spherical of Series C undertaking capital funding. It joins a consortium of other Series C traders, comprising application-backed funding company Electricity Effect Companions (EIP), huge statistics and IoT investment fund Envision Ventures, renewable Strength developer Envision Energy, and Germany-primarily based software E.ON, which collectively invested US$20 million in AutoGrid in May.
General Electricity Ventures assumes a function of ‘strategic investor’ in AutoGrid. Its undisclosed funding will help improve the AutoGrid Flex suite of internet-based Electricity packages, designed to help grid operators expect, control, and optimize their distributed Electricity sources (DERs). AutoGrid claims its AutoGrid Flex “Energy internet” solutions decorate the overall performance of each grid and wholesale DER property, inclusive of distributed technology, battery garage, and demand response sources, and offer ‘out-of-the-container’ support for residential, commercial, and industrial customers.
Overall Strength Ventures’ funds may also assist the AutoGrid Electricity internet Platform, on which AutoGrid Flex is based totally, and expand the enterprise’s reach in North The, Asia, and Europe. Amit Narayan, leader of government at AutoGrid, said: “This funding underscores agencies’ developing need to use the Energy internet to optimize flexibility throughout a significant network of DERs if they wish to win within the new Power globally.”
Christophe Tonion, leader financial officer at Total Energy Ventures, stated: “Our investment in AutoGrid extends our company’s involvement in virtual Power solutions that allow accelerated use of solar, wind, battery garage, and other clean power technologies. “AutoGrid’s flexibility management packages empower the Electricity industry to use the Electricity internet to convert the conventional centralised one-manner electric powered grid into a cutting-edge disbursed bi-directional grid that extends the blessings of cheap, dependable Power to hundreds of thousands greater people.”
General Strength Ventures has been a hectic investor inside the smooth Power market in recent times. It invested as a part of Sunverge’s US$36.5 million Collection C investment in February and confirmed a €950 million (US$1.07 billion) acquisition of battery manufacturer Saft in Can as well. It took a stake in US Power storage company Stem early final 12 months and retains a majority share of US photovoltaic Electricity corporation SunPower. Two of these, SunPower and Sunverge, this week announced a partnership to provide solar panels with cloud-based Electricity control software, which may be managed by way of house owners.
Tags: auto grid, Overall, General Electricity ventures, der, disbursed Energy, converge, stem, safe, Sunpower, solar
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