Energy Impact Partners, Southern Company, AGL and GE Ventures take stakes in California startup that’s linking batteries, buildings and the grid.
Advanced Microgrid Solutions, the California startup with a fleet of behind-the-meter batteries that can shape load to help meet building and grid energy needs, has raised a $34 million Series B round from some key utilities and corporate investors trying to break into the distributed energy business.
Monday’s round was led by previous investor DBL Partners, utility-funded investment firm Energy Impact Partners (EIP), and Southern Company, a founding member of EIP, which last month announced it was partnering with Advanced Microgrid Solutions through its PowerSecure subsidiary.
Other participants in the round included Macquarie Capital, the investment firm that last year pledged $200 million to finance Advanced Microgrid Solutions’ projects, and two new investors: GE Ventures and Australian utility AGL, another EIP member. Other early investors joining the new round include former California Gov. Arnold Schwarzenegger, an early supporter of the company through his connection to CEO Susan Kennedy.
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