RENO, Nev., March 15, 2017 (GLOBE NEWSWIRE) — Ormat Technologies, Inc. (“Ormat”) (NYSE:ORA) today announced that it has closed its previously announced acquisition of substantially all of the business and assets of Viridity Energy, Inc. (VEI).
VEI is a privately held Philadelphia-based company with nearly a decade of expertise and leadership in demand response, energy management and storage. Using proprietary software and solutions, VEI serves primarily retail energy providers, utilities, and large industrial and commercial clients.
North American Clean Energy – (04 Jan 2017) Viridity Energy, Inc., a leading demand response, demand management, and battery storage solutions provider, announced that Ormat Technologies, a global geothermal and renewable energy company that has over five decades of experience, has signed a definitive agreement to acquire substantially all of Viridity’s business and assets in a cash transaction.
Ormat will pay Viridity’s shareholders an initial consideration of $35 million at closing. Additional contingent consideration will be payable in two installments upon the achievement of certain performance milestones measured at the end of fiscal years 2017 and 2020.
PHILADELPHIA, PA–(Marketwired – Jun 28, 2016) – Viridity Energy, Inc., announced today that the U.S. Patent and Trademark Office has awarded it a patent for systems and methods used to generate an operating schedule for energy storage assets, such as batteries, used in connection with transportation systems, such as rail operations, and with electric vehicles. The patent reflects the value stacking capabilities of Viridity software, which maximizes the value of flexible load, energy assets and energy storage. It is the latest in a series of patents awarded to Viridity, including patents related to data center operations and battery/solar asset-combined operations.
The new patent addresses a variety of functions, including optimizing use of the storage asset to maximize the combined market revenue derived from integration of storage into regional markets…
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.
An innovative program to save energy and produce revenue by capturing the power generated by rapid transit trains as they brake has earned SEPTA the state’s highest honor for commitment to the environment.
At yesterday’s SEPTA board meeting, the state Department of Environmental Protection bestowed the Governor’s Award for Environmental Excellence t0 the agency for its wayside energy storage project at the Griscom substation on the Market-Frankford Line. The Griscom storage facility was the second such battery installation on the line; the success of this facility and an earlier one at Letterly substation led SEPTA to expand the program systemwide and add a revenue-producing power management component to it in partnership with Viridity Energy, which sells excess storage capacity to the PJM Interconnection power pool when needed.
PHILADELPHIA–(BUSINESS WIRE)–A battery storage network, which captures and reuses the energy created by braking subway cars, will help Southeastern Pennsylvania Transportation Authority (SEPTA) reduce operating costs, ensure energy resiliency, and support the stability of the electrical grid.
“Our ground-breaking regenerative braking pilot at SEPTA proved that energy storage can be used by transit systems to create substantial cost savings, generate revenue, and contribute to sustainability goals”
Constellation, a subsidiary of Exelon Corporation, will fund, own, and operate the 8.75-megawatt battery storage network, deployed at seven SEPTA substations. The network is designed to use stored energy to power trains as they accelerate from stations and can provide emergency generation for trains in the event of a power outage. An expansion of SEPTA’s 1.8 MW battery storage pilot program completed in 2014, the new network brings the agency’s total battery storage capacity to more than 10 MW.
“SEPTA’s Sustainability Program is all about finding and deploying cutting-edge innovations to reduce costs in addition to improving environmental performance. This project is right in that sustainability sweet spot, and we are pleased to partner with Constellation and Viridity in bringing it to market right here in the Philadelphia region, an emerging hub for innovative energy projects,” said SEPTA General Manager Jeffrey D. Knueppel.