FlexGen Battery. Image by FlexGen Power Systems Inc.
FlexGen Power Systems Inc, a provider of integration services and software technology for energy storage, has raised USD 100 million (EUR 97.6m) in a Series C Investment round, anchored by Dutch energy trader Vitol, in partnership with existing investors.
Durham, North Carolina-based FlexGen, which operates in the US and globally, said on Tuesday the funding will fuel its continued growth and support the execution of its project pipeline.
"We will not reach our carbon reduction targets without energy storage, which addresses the intermittency of renewables generation and helps to create a more stable grid for the future,” R Andrew de Pass, head of Renewables at Vitol Inc commented, adding that the energy trader will support FlexGen's international expansion through its global footprint.
FlexGen says its energy management software platform, called HybridOS, enables energy storage owners to deploy different power market strategies and combine storage solutions with any form of generation. Since its creation in 2009, the company has installed more than 3 GWh of energy storage systems across the US.