Solar cell and module manufacturer Q Cells has agreed to acquire US-based energy storage software provider Geli for an undisclosed sum, allowing oil and gas supplier Shell to exit.
Geli is the creator of a software platform that can be used to design and manage battery-based energy storage systems for use with renewable energy installations. Its technology will be used by Q Cells to strengthen its integrated solar-and-energy-storage projects.
Hee Cheul (Charles) Kim, CEO of Q Cells, said: “There is increasing demand in the energy storage space for comprehensive energy solutions. We are excited to welcome the Geli team and work together to strengthen our competitiveness in the global distributed energy market.
“Q Cells and Geli’s combined capabilities will allow us to provide smart energy solutions to our customers and together we can unfold the next chapter towards a cleaner tomorrow.”
The company had raised more than $20m in equity funding since being founded in 2010 according to press reports and regulatory filings, most recently in a 2018 round that closed at $6.1m.
Shell subsidiary Shell Technology Ventures and an unnamed family investment office were among the investors in a 2016 round sized at $7m according to Greentech Media.
Southern Cross Renewable Energy Venture Capital Fund, which counts telecommunications and internet group SoftBank as an investor, added $3m later in the year. Its earlier backers included Momenta Partners and Invested Development.
