US-based energy storage technology developer Green Charge Networks secured $56m in funding on Tuesday from K Road DG, a distributed energy and smart grid business.
In addition to the funding, K Road DG, formed earlier this year by former executives of independent power producer K Road Power, will also provide management assistance to Green Charge as it ramps up deployment of its GreenStation intelligent energy storage technology.
GreenStations have already been installed by retailers 7-Eleven and Walgreens, delivery company UPS and educational institutions in New York and California. Green Charge acts as the operator of each system, receiving payments as each user saves energy.
William Kriegel, chief executive of K Road DG, said: “We are excited to enter into this strategic alliance and to provide growth capital that will drive deployment of Green Charge’s innovative technology to [commercial and industrial] customers on a commercial scale.
“K Road DG believes that Green Charge’s technology solutions respond directly to a global demand for intelligent energy storage.”
Founded in 2009, the funding is the first round publicly announced by Green Charge Networks.