- Swell Energy raises $120 million to further its VPP programs.
- The VPPs are to provide grid service capabilities in Hawaii, California, and New York.
Swell Energy said it raised $120 million to further its virtual power plant (VPP) programs. The round was led by SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund I, LP, with participation from an Ares Infrastructure Opportunities fund and Ontario Power Generation Pension Fund.
The funding is expected to support Swell’s development of 600 MWh of VPPs through the deployment and aggregation of 26,000 energy storage systems. The VPPs aim to provide grid service capabilities through projects in utility territories across Hawaii, California, and New York.
Swell creates VPPs by linking utilities, customers, and third-party service providers together and by aggregating and co-optimizing distributed energy resources through the company’s GridAmp software.