Energy investment firm AltEnergy has provided $8.5m in funding for Viridity Energy, a US-based energy storage and demand response company backed by conglomerate Mitsui & Co and semiconductor technology provider Intel.
Viridity provides battery-based energy storage systems as well as VPower, its energy demand response and management software, which allows users to cut electricity costs through peak-shaving algorithms that reduce energy use at peak times.
The company serves both energy utilities such as Engie or Consolidated Edison, and high-demand electricity users.
Viridity has now raised approximately $46m in venture capital funding, according to securities filings and press releases, and $4m in grants since it was founded in 2009.
Intel Capital, which acts as Intel’s corporate venturing arm Intel, and energy-focused VC firm Braemar Energy Ventures provided $14m for in Viridity in 2011, before Mitsui invested $15m the following year.
AltEnergy has been an investor in Viridity since its first funding round, and Novus Energy Partners is also a backer.
Mack Treece, Viridity Energy’s CEO, said: “AltEnergy’s commitment to Viridity Energy with this latest investment allows us to continue the rapid growth we’ve experienced over the last three years, with capital to expand our resources in software technology and services for demand response and battery storage customers.
“We now have over 2,000 large commercial and industrial end-users leveraging our software to lower their overall spend on energy. Our battery storage solutions have also become a rapid area of growth.”