Green Charge Networks

Green Charge Networks, LLC
Industry Energy Storage
Headquarters Santa Clara, CA, USA
Key people
  • Vic Shao — CEO
  • Harjinder Bhade — CTO
  • Mark Triplett — COO
  • Tim Larrison — CFO
  • Stephen Kelley — Senior Vice President of Sales

Green Charge Networks, LLC is an energy storage company based in Santa Clara, California that goes by the name Green Charge. Founded in 2009, Green Charge focuses on helping businesses and institutions reduce peak demand charges through a combination of predictive software and battery hardware the company calls "power efficiency.".[1]

Energy storage projects

The first pilot GreenStation intelligent demand reduction system was installed in July 2011 at a 7-Eleven in New York. Triple Pundit notes that the success of that first pilot project to "reduce grid demand, boost power efficiency and deliver savings month after month has driven GCN’s rapid transition from pilot stage to commercial scale."[2] The first GreenStation garnered some attention when it survived Hurricane Sandy and then saved the 7-Eleven store 56 percent on their utility bills during New York's 2013 summer heat wave.[3] In March 2014 Green Charge announced that it had signed 1.5 MW of energy storage projects with high-profile clients including 7-Eleven, Avis, Walgreens and others.[4] The company has set a goal of completing 5 MW by the end of 2014.[5]

Power efficiency

Green Charge claims to be the first company to offer Power Efficiency Leases. Similar to the way that solar leases helped solar become mainstream by allowing more homeowners to go solar with zero money down, Green Charge aims to help more businesses utilize energy storage by offering systems at zero upfront cost.[6] The idea of power efficiency builds off the difference between energy (kWh) and power (kW). Energy efficiency focuses on reducing the amount of energy consumed while power efficiency focuses on reducing the rate at which energy is used, also known as peak demand.[7]

Funding

Green Charge received $12 million in a grant from the United States Department of Energy in 2011. The company received further funding from angel investor Richard Lowenthal, founder and CTO of car charging network ChargePoint, in December 2013.[8]

In March 2014, Green Charge received $10 million in financing from TIP Capital to finance energy storage projects for their customers with zero upfront cost.[9]

In July 2014, Green Charge secured $56 million in capital from K Road DG, a distributed energy and smart grid solution company.[10] [11]

In May 2016, Engie acquired an 80 percent stake in Green Charge.[12] A day later, Exergonix, Inc. acquired rival Coda Energy.[13]

References

  1. ↑ Stephen Lacy, "Distributed Storage Coming to Your Neighborhood 7-11", Greentechmedia, February 4, 2014
  2. ↑ Andrew Burger, "7-Eleven, Avis, Walgreens Reduce Peak Power Demand For Big Energy Savings", Triple Pundit, February 4, 2014
  3. ↑ Joanna Schroeder, "Green Charge Networks Help Save Green", Domestic Fuel, February 18, 2014
  4. ↑ Green Charge Networks, "Businesses and Municipalities Look to Save Money Through Smart Grid Technologies", PR Web, February 4, 2014
  5. ↑ Peter Kelly-Detwiler, "Green Charge Networks: In Some Markets, Cost-Effective Energy Storage Is Already Here", Forbes, March 31, 2014
  6. ↑ Green Charge, "Products", Green Charge Networks website, Accessed February 26, 2014
  7. ↑ BizEE, "kW and kWh Explained", BizEE: Energy Lens, Accessed February 26, 2014
  8. ↑ CleantechIQ Staff, "DOE-Backed Distributed Storage Startup Receives First Angel Funding", CleantechIQ, December 20, 2013
  9. ↑ Peter Kelly-Detwiler, "Green Charge Networks: In Some Markets, Cost-Effective Energy Storage Is Already Here", Forbes, March 31, 2014
  10. ↑ Heather Clancy, "Green Charge Networks Gets $56 Million Infusion", Forbes, July 29, 2014
  11. ↑ Iris Dorbian, "Green Charge bags $56 mln", PE HUB, July 30, 2014
  12. ↑ St. John, Jeff (May 10, 2016). "Behind-the-Meter Battery Acquisition: Engie Takes Majority Stake in Green Charge". Greentech Media. Massachusetts, United States.
  13. ↑ Wesoff, Eric (May 17, 2016). "Is the Third Time a Charm for Coda's Energy Storage Business?". Greentech Media. Massachusetts, United States.
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