Canada-based virtual power plant developer Enbala Power Networks has added $5.5m to a series B round featuring corporates ABB, General Electric and National Grid that has now closed at $17.5m.
The new funding came from family office Zoma Capital and was added to a $12m first tranche led by ABB Technology Ventures, the strategic investment arm of power and automation group ABB Group, which closed in February this year.
GE Ventures, the corporate venturing subsidiary of industrial product conglomerate General Electric, also contributed to the first tranche, as did power transmission services provider National Grid, EnerTech Capital, Chrysalix Venture Capital and Obvious Ventures.
Enbala has built a software platform that balances energy supply and demand in real time in order to manage distributed and renewable energy resources. It will put the series B funding towards strengthening its Symphony by Enbala platform.
The round took the company’s overall funding to approximately $47m, $14m of which came in a round backed by GE Ventures and energy utility Edison Energy that closed in September 2015.
The 2015 round also featured a $3m investment by Obvious Ventures as well as capital from Export Development Canada, EnerTech Capital Partners, Sorfina Capital and Chrysalix Venture Capital. Enbala’s earlier investors include XPV Capital and Walsingham Fund.