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Published on October 1st, 2013 | by Zachary Shahan

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Bill Gates & Khosla Ventures Invest $8 Million Into Varentec

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October 1st, 2013 by Zachary Shahan
 
Varentec is no household name, but the electric grid “power control solutions” provider announced yesterday that it had closed $ million in Series B funding from Bill Gates and Khosla Ventures (names that you probably do know). The $8 million is for “the production rollout of Varentec’s intelligent power monitoring, control, and data analytics solutions for US and international electric utilities and for various industrial applications.”

engo-v

“Varentec’s intelligent, decentralized controllers operate at the edge of the network and, coupled with our software analytics, provide the ‘eyes, brain and muscle’ to uniquely enable real-time management of the power network,” said Deepak Divan, Co-Founder, President and CTO of Varentec. “With multiple successful pilots at investor owned utilities and co-ops, Varentec is now poised for production rollouts of our Edge of Network Grid Optimization™ (ENGO™) solutions. This Series B funding, with the backing of investors like Bill Gates and Vinod Khosla, not only validates our unique approach, but enables us to solve present grid challenges such as energy conservation, grid optimization, and grid integration of rooftop PV. It will also allow us to commercialize our cutting edge technology into transformative power delivery solutions data centers and industrial applications.”

More immediate responsiveness allowing for quick and “smart” management of the grid has been a priority for years, but achieving that is one of those “easier said than done” things. Varentec seems to have cracked an important nut or two in this arena.

varentec 1


Varentec’s intelligent power management and data analytics platform is exactly the breakthrough technology that we look for in companies,” said Vinod Khosla, founder of Khosla Ventures. “Development of cost-effective, intelligent, decentralized power grid solutions has been a challenging problem that has been solved effectively by the Varentec team. This shows the path forward for transforming the present grid into a smart power delivery system and provides countless opportunities for power optimization across the global electrical grid, in data centers, and in other power-intensive applications.”

Varentec’s technology should result in massive energy savings and also in easier and more efficient integration of renewables into the grid.

From the Varentec homepage:

Our unique approach complements the centralized command and control structure that utilities use to manage the grid today, filling in a major gap in the grid-control capability.

Varentec provides a completely new approach called ENGOTM, or Edge of Network Grid OptimizationTM. Our solutions improve performance in key areas of:

  • Voltage compliance

  • Grid reliability

  • Efficiency

  • Energy savings

  • Grid integration of distributed PV

Varentec may never have the brand recognition or rockstar status of Tesla, but it is providing a critically important service and seems to have a bright future ahead of itself… at least, Bill Gates and Vinod Khosla think so!

In case you’re curious, a few of the other notable cleantech startups that Bill Gates has invested in include Aquion Energy, Ambri, and LightSail — all energy storage companies. Khosla Ventures has also backed numerous cleantech startups, such as SunBorne, Ambri, LightSail, Soraa, and Stion Corp. Yep, you probably noticed there that Bill Gates and Khosla Ventures often have overlapping investments.

Image Credits: Varentec

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About the Author

is the director of CleanTechnica, the most popular cleantech-focused website in the world, and Planetsave, a world-leading green and science news site. He has been covering green news of various sorts since 2008, and he has been especially focused on solar energy, electric vehicles, and wind energy since 2009. Aside from his work on CleanTechnica and Planetsave, he's the founder and director of Solar Love, EV Obsession, and Bikocity. To connect with Zach on some of your favorite social networks, go to ZacharyShahan.com and click on the relevant buttons.



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