Sunverge Energy, a San Francisco-based provider of an in intelligent storage and distributed energy resource management platform, raised $36.5m in Series C round of financing.
The round was led by new investor AGL Energy Ltd., an Australian publicly traded energy retailer, with participation from current investors the Australian Renewable Energy Agency (ARENA), SBCVC, Siemens Venture Capital and Total Energy Ventures International. As part of the investment, AGL Managing Director & CEO Andy Vesey and AGL Executive General Manager of New Energy, Alistair Preston will join the Sunverge Board of Directors.
The company will use the funds to expand into new geographies.
Founded in 2009 by CEO Ken Munson, Sunverge Energy designs and manufactures cloud-based intelligent energy storage systems that allow utilities to automatically execute demand response programs on an individual customer level or link them into “Virtual Power Plants” to meet peak energy demand across an entire community or service area.
The company is now advancing the Sunverge Solar Integration System (SIS), a distributed energy storage and management appliance comprised of storage batteries, power electronics, and system-management software running in the cloud. It will be available this summer.