Sunverge Energy Completes $15 Million Series B Funding Round
Southern Cross, the Venture Capital Unit of Siemens, and Total Energy Ventures join to fund leading distributed energy storage solution provider.
SAN FRANCISCO, Calif., June 17, 2014-- Sunverge Energy, Inc. a leading developer and manufacturer of distributed energy management systems, announced today the closing of a $15 million Series B financing round led by the Southern Cross Renewable Energy Fund and joined by the Venture Capital Unit of Siemens and Total Energy Ventures International. The investment will support immediate growth opportunities for Sunverge in key markets worldwide.
Sunverge was founded in 2009 with the vision of combining solar, storage, and smart controls to maximize value for both electricity consumers and providers. That vision led to the creation of the Sunverge Solar Integration System (SIS), a distributed energy storage solution which combines batteries, power electronics, and multiple energy inputs with software running locally and in the cloud. Sunverge currently has nearly 300 SIS units in operation at customer sites across the United States, Australia, New Zealand, Germany, and South Korea.
The Sunverge SIS delivers benefits to multiple groups: homeowners and businesses receive more reliable power at a lower cost, utilities reduce grid management and energy delivery costs, electricity retailers increase revenue and customer retention by bringing value-added products and services to market, and society as a whole accelerates the adoption of solar, wind, and electric vehicles.
Dr Mark Bonnar from Southern Cross Venture Partners commented, “After an international search for the best investment opportunity in distributed energy storage, Southern Cross is delighted to add Sunverge to its portfolio, particularly with such prestigious partners joining us. With resources in the United States, Australia and China we are looking forward to assisting the Sunverge team in achieving their global ambitions during a very exciting phase in this market."
Christophe Tonion, Senior Investment Manager at Total Energy Ventures added, “We believe storage is critical for the expansion of solar and energy services markets, but what will be truly disruptive is the power to aggregate all sorts of distributed energy resources, be they solar, storage, smart devices, or electric vehicles. This ‘virtual power plant’ capability is at the core of Sunverge’s technology and go-to-market strategy.”
“We have looked at many companies in this space, and we believe Sunverge is one of the very few ready to scale globally,” said Ralf Schnell, CEO of the Venture Capital Unit of Siemens. “A key factor in our decision to invest was their proven operational experience.”
“This financing provides us the capital to open new markets, enhance support of our existing global customer base, and drive the development of our rapidly growing pipeline,” said Kenneth Munson, President and CEO of Sunverge Energy. “This world-class partnership validates the arrival of distributed energy storage into the mainstream and the leading position that Sunverge has already established. We are excited about the value such partners can bring in the utility, residential, and commercial segments, and their support will be instrumental to us in achieving our ambitious growth objectives.”
About Total Energy Ventures
Total Energy Ventures is the corporate venture capital arm of French oil & gas major Total. Its investments support the development of companies with innovative technologies and business models in areas such as renewable and alternative energies, oil and gas, gas monetization, energy efficiency, energy storage, waste valorization, greenhouse gases reduction, industrial water and sustainable mobility.
For more information, please visit http://www.total.com.
About the Venture Capital Unit of Siemens
The Venture Capital Unit of Siemens is the corporate venture capital organization of the company and invests in early stage technology companies and established technology growth companies, focusing on the energy, healthcare, industry, and infrastructure & cities markets and hence plays a key role in Siemens’ global innovation network. The aim is to identify innovative solutions from which Siemens and its customers can profit and to strengthen business partnerships with innovative industry players. To date, the company has invested in about-180 start-up companies. For more information, visit http://www.siemens.com/venturecapital.
About the Southern Cross Renewable Energy Fund
The Southern Cross Renewable Energy Fund (SCREF) is a pan pacific partnership between top tier Chinese venture capital manager SBCVC in Shanghai (http://www.sbcvc.com) and the Australian Federal government (http://www.arena.gov.au). The $200M SCREF fund is managed by Southern Cross Venture Partners located in Palo Alto, CA and Sydney Australia http://www.sxvp.com
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