Swell Energy raises $120M to expand its virtual power plants

Swell Energy today announced that it has raised $120 million to grow its virtual power plants (VPPs). Virtual power plants allow clean energy to be quickly added to the grid to address frequency and voltage imbalances, local disruptions, and keep the grid stable.

The round was led by SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund I, LP, and brings Swell’s total equity capitalization to date to $152 million.

This series B raise will help Santa Monica-based Swell Energy work toward its goal of 600 MWh of VPPs through the deployment and aggregation of 26,000 energy storage systems at homes and businesses across the US.

Swell’s VPP programs help reduce the use of fossil fuel peaker plants by utilities and provide other grid services by integrating solar, energy storage, and electric vehicle charging with the utility to provide a more reliable and cleaner grid.

Businesses and homeowners who participate in VPPs pay less for their solar energy generation and storage systems, potentially reducing the risk of a local power outage, and keeping their homes and businesses securely powered through outages.

For example, Swell works with multiple California utilities to help expand residential participation in capacity bidding programs. Homeowners with solar and storage support the reliability of their local grids while reserving battery power for personal emergency use. The efforts are part of the California Public Utility Commission’s goals to reduce the state’s load during California Independent System Operator emergency power events.

Photo: Swell Energy

UnderstandSolar is a free service that links you to top-rated solar installers in your region for personalized solar estimates. Tesla now offers price matching, so it’s important to shop for the best quotes. Click here to learn more and get your quotes. — *ad.

FTC: We use income earning auto affiliate links. More.

Stay up to date with the latest content by subscribing to Electrek on Google News. You’re reading Electrek— experts who break news about Tesla, electric vehicles, and green energy, day after day. Be sure to check out our homepage for all the latest news, and follow Electrek on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our YouTube channel for the latest reviews.



Avatar for Michelle Lewis Michelle Lewis

Michelle Lewis is a writer and editor on Electrek and an editor on DroneDJ, 9to5Mac, and 9to5Google. She lives in White River Junction, Vermont. She has previously worked for Fast Company, the Guardian, News Deeply, Time, and others. Message Michelle on Twitter or at michelle@9to5mac.com. Check out her personal blog.