Greensmith, a Herndon, VA-based provider of energy storage solutions, raised $18.3m in Series C funding.
Backers included E.ON (ETR: EOAN). The amount also included a previous $5m strategic investment from American Electric Power (NYSE: AEP).
The company plans to use the funds to expand commercial and technology delivery operations to leverage pipeline acceleration, to advance its GEMS energy storage software platform as well as grow in the European energy storage market.
Led by John Jung, CEO, Greensmith provides energy storage software and integration services.
Now in its fifth generation, the company’s GEMS software platform optimizes the performance of energy storage by lowering costs and maximizing the system’s return on investment throughout its life. Launched in 2014, the solution is currently used by more than 20 major customers globally.