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US Viridi Parente secures USD 29m in funding

Author: 401(K) 2012 on Flickr, CC BY-SA 2.0

December 12 (Renewables Now) - US-based Viridi Parente Inc, which manufactures renewable power systems for heavy machinery and storage applications, on Wednesday announced it has raised USD 29 million (EUR 26m) in Series B funding.

The funding round was led by investment firm Grand Oaks Capital with about USD 20 million. Impact Capital of New York, Varia Ventures and the Western New York Impact Investment Fund also contributed to the round, as well as a number of private investors.

The latest round of funding brings the company's valuation to about USD 80 million, up from USD 12 million when it was first launched in June 2018.

The renewable power systems built by the company use proprietary Lithium-ion cells, modules and drives for industrial applications, microgrid storage and renewable replacements for fossil fuel-based engine systems.

The new funds will help the company continue its expansion as it prepares to install the first distributed storage system application of its technology to support a cryo-electron microscope at the Hauptman-Woodward Medical Research Institute in Buffalo, New York.

(USD 1.0 = EUR 0.9)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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