Equilibrium Energy, a San Francisco, CA-based clean power company, emerged from stealth backed with $33M in venture funding.
Backers included Breakthrough Energy Ventures, Global Founders Capital, NJP Ventures, and a prominent university endowment.
Founded in 2021 by Ryan Hanley, CEO, Equilibrium is combining its deep energy expertise and technology to build a Climate Generation power company, to accelerate society’s transition to clean energy. Its first commercial efforts support the accelerated deployment of grid-scale batteries that balance the power grid. Its first customer offering, tolling agreements for grid-scale battery developers offered in partnership with Hatch Renewables, provides the firm contractual offtake for battery projects to gain needed project financing. Its tolling offering functions as a “PPA-for-batteries,” and the company expects that it will do for grid-scale batteries what the PPA did for wind and solar projects.
Equilibrium and Hatch recently announced a large battery tolling agreement in Texas, a 100 MW battery owned by leading battery developer Jupiter Power. Equilibrium began operating the West Texas battery last month using its power volatility-centric technology platform, leveraging AI and power grid fundamentals that is tailor made to navigate the increasingly volatile power grid and markets.
FinSMEs
01/08/2023