SAN FRANCISCO – (BUSINESS WIRE) – October 13, 2021–
Leap, the leading energy market access provider, today announced that it has secured a further capital increase totaling $ 33.5 million from a combination of equity and debt. Series B funding is led by Park West Asset Management, a Northern California-based investment management firm, with participation from Climate Capital, My Climate Journey and David Helgason, Founder and Former CEO of Unity Technologies, as well as existing investors. Union Square Ventures, Congruent Ventures and National Grid Partners. Silicon Valley Bank financed the debt portion of the capital increase. Leap will leverage this capital to expand and develop its platform to meet the growing demand for market-driven network services in markets in North America and beyond.
“As the grid shifts to renewables and integrates more smart devices, flexible capacity is essential to balance power grids. Leap has increased its load under management 13-fold over the past two years and, in combination with our partners, our network has already replaced the equivalent of two peak gas-fired power plants. With this new investment, we will continue to expand into new markets and enable our partners and their customers to take full advantage of their technologies as part of our mission to decarbonize global power grids, ”said Thomas Folker, co-founder and CEO of Leap.
Instead of the previous generation of demand response (DR), where households and businesses responded to utility demands in exchange for defined rewards, Leap launched a dynamic, market-driven approach to network services. Leap enables smart devices to easily respond to market price signals representing real-time power grid needs, reflecting factors such as location and demand, while opening up new revenue streams. Leap’s focus on cloud-connected and automated technologies means that end customers can participate without taking any action themselves, bringing new loads and customers to the market.
“The pressure to leverage Distributed Energy Resources (DER) to build grid resilience is magnified by the increased frequency and severity of extreme weather events. Leap’s software solution effectively integrates DERs into energy markets not only to restore value to the grid when it is most needed, but also to enable new revenue streams – a win-win situation for operators network, service and technology providers, as well as the environment, ”said Tony Bartsh, portfolio manager at Park West.
Leap has already brought significant value to the network. During the June heatwave in California, Leap distributed power from more than 10,000 commercial and residential sites representing more than 375 MWh of electricity to help support the grid and prevent blackouts. Overall, Leap currently manages 215 MW and over 20,000 participants on the platform, as well as dozens of strategic partners, including Stem, Inc. and Sunrun. Leap partnerships are not limited by charge type, as partners can use Leap’s API for any smart device, like smart thermostats, residential and commercial batteries, electric vehicle chargers, and more.
“Leap’s platform represents a step function change in how connected devices can participate in grid services,” said Nick Grossman, partner at Union Square Ventures. “While Leap’s Series A funding was USV’s first investment in the energy sector, our long history of investing in network infrastructure and API platforms made it easy for us to recognize the potential. by Leap. Our continued investment in Leap reflects our confidence in the role it will play in the growth of this industry.
Leap is the leading global platform for generating new value from resources and grid-connected devices through integration with energy markets. Leap does all the heavy lifting, seamlessly connecting technology partners to high value-added revenue streams and providing a simplified and automated access point for market participation with batteries, electric vehicle recharges, smart thermostats, HVAC systems, industrial plants and other flexible assets. By facilitating the participation of new distributed resources in energy markets, Leap lays the foundation for Virtual Power Plants (VPPs). Leap enables its partners to deliver resilient, zero-carbon capacity to the network while strengthening engagement with their customers through new value chains. Leap is a privately held company with offices in San Francisco and the Netherlands.
About Park West Asset Management
Founded in 2003, Park West Asset Management is an investment management firm based in Northern California. The company invests in all asset classes and at all stages of maturity, covering private and public start-up and start-up companies.
About Union Square Ventures
Union Square Ventures is a New York-based venture capital firm. USV’s current thesis focuses on products and services that exploit networks to expand access to capital, knowledge, and well-being. The wallet includes Twitter, Etsy, Twilio, MongoDB, Coinbase, Carta, and Stripe, among others.
Congruent Ventures is a leading venture capital firm focused on partnering with entrepreneurs to create businesses responding to climate and sustainability challenges in four themes: mobility and urbanization, energy transition, food and agriculture, and sustainable production and consumption. . The company has more than 40 companies in two early stage climate technology funds and is one of the most active in the climate technology venture capital market.
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PUB: 10/13/2021 08: 00 / DISC: 10/13/2021 08:02
Copyright Business Wire 2021.