US-based energy storage software and integration services provider Greensmith closed an $18.3m series C round on Wednesday after securing funding from energy utility E.ON.
Energy utility American Electric Power is also a participant in the round, having invested $5m in Greensmith in September this year as part of the $12.3m first tranche of the round.
Founded in 2013, Greensmith’s GEMS software platform optimises the energy storage process, helping to lower costs and increase return on investment. The company claims its software is used in more than a third of all energy storage capacity installed in the US.
The series C funding will support the expansion of Greensmith’s commercial operations and the strengthening of the GEMS platform as the startup looks to leverage a newly formed strategic partnership with France-based E.ON to enter the European market.
John Jung, Greensmith’s chief executive, said: “This partnership is an important milestone for Greensmith as we continue to expand globally and serve the European storage market.
“We recently delivered over one-third of all energy storage capacity installed in the US and see tremendous momentum around the world. And with Europe’s goal of reducing carbon dioxide emissions by 80% by 2050, E.ON is at the forefront of providing sustainable energy solutions to its customers and we are excited to be a part of that vision.”
Greensmith had previously raised $8.9m in equity and $1m in debt financing, according to regulatory filings.
– Photo courtesy of Greensmith Energy Management Systems