AltEnergy Increases Investment to Expand Energy Management Technology and Battery Storage Solutions
PHILADELPHIA, PA–(Marketwired – May 12, 2016) – AltEnergy, LLC, an investment firm that identifies and develops early-stage opportunities in high-growth power and energy sub-sectors such as energy storage, demand response, demand management, high-voltage transmission, renewables and cybersecurity, announced today that it has closed on an $8.5 million investment in Viridity Energy, Inc., a leading demand response, demand management, and battery storage solutions provider.
Since its inception in 2009, Viridity Energy has been providing award-winning VPower™ demand response and demand management software technology and services, along with battery storage solutions. The company leverages highly efficient distribution capabilities through an extensive channel partner network that includes such industry leaders as Engie (formerly GDF Suez Energy Services) and ConEdison Solutions, as well as through direct sales to high-demand electricity users. Viridity has built one of the largest behind-the-meter battery storage portfolios on the East Coast, including a recently announced 7 MW project in Ohio with Half Moon Ventures — the largest solar-plus-storage project of its kind in the U.S., which was commissioned last month. The company is also working on construction of an 8.75 MW regenerative braking project with the Southeast Pennsylvania Transit Authority (SEPTA), Constellation, ABB and Saft.