Swell Energy has raised $120 million to further its popular virtual power plant (VPP) programs. The round was led by SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund I, LP, with participation from an Ares Infrastructure Opportunities fund and Ontario Power Generation Pension Fund.
“Utilities and investors have understood the importance of virtual power plants for some time now; this funding further signals that the capital markets see tremendous value in this new asset class,” said Suleman Khan, CEO of Swell Energy. “Virtual power plants are the key to a cleaner energy future at scale. Through the use of our GridAmp software, we are dedicated to enabling an accelerated transition to a carbon-neutral future compatible with the needs of both utilities and the communities they serve.”
The funding will support Swell’s development of 600 megawatt-hours (MWh) of VPPs through the deployment and aggregation of 26,000 energy storage systems locate