US-based energy storage system producer Advanced Microgrid Solutions has raised $18m in a series A round featuring Engie, the energy utility previously known as GDF Suez, the Wall Street Journal reported yesterday.
The round was led by DBL Partners, the $400m joint fund formed by venture capital firms DBL Investors and Technology Partners last month, and also included contributions from angel investors including Arnold Schwarzenegger.
Advanced Microgrid’s storage systems are comprised of clustered networks of advanced batteries that can be fitted into buildings with significant power needs. The buildings can then switch from grid power to battery power in the event of power outages.
In addition to selling its systems, the company also receives payment from utilities to reduce the load on the grid at peak times, some of which is passed on to its customers. It has secured lucrative deals with utility Southern California Edison and electric car maker Tesla Motors over the past few months.
The series A round closed in May, according to a regulatory filing, though the identity of the round’s investors is new. Advanced Microgrid had previously raised $2.25m in debt financing between May 2014 and March 2015.