Sunverge Energy, a US-based manufacturer of distributed energy management systems, closed a $15m series B round on Tuesday featuring industrial and electronics manufacturer Siemens’ venture capital unit and Total Energy Ventures, a subsidiary of petroleum producer Total.
The round was led by the Southern Cross Renewable Energy Fund, a partnership between China-based venture capital manager SBCVC and the Australian government. Sunverge previously raised $2m from undisclosed investors in 2011.
Founded in 2009, Sunverge has developed a system that combines batteries, power electronics and multiple energy inputs, particularly solar, through software that runs both locally and in the cloud. It plans to use the funding to drive growth in markets across the US, Australia, New Zealand, Germany, and South Korea.
“We have looked at many companies in this space, and we believe Sunverge is one of the very few ready to scale globally,” said Ralf Schnell, CEO Siemens Venture Capital. “A key factor in our decision to invest was their proven operational experience.”