Energy storage software provider Geli has announced it has closed a $7 million Series A investment round of financing.
Start-up Geli, which stands for Growing Energy Labs Inc., a self-proclaimed “leading supplier of software and networking solutions to the energy storage industry,” announced earlier this month that it had closed a $7 million Series A funding round, led by Shell Technology Ventures. The funding is set to extend Geli’s engineering capacity to enable more hardware partnerships, as well as enable the start-up to keep up with existing market demand.
Geli is also intent on continuing to invest in its energy analytics capabilities for system design as well as monitoring and aggregation.
Geli provides an “end-to-end software platform” that “speeds time to market for OEMs and hardware integrators, accelerates the sales cycle for project developers, and provides assurance of system performance to host customer and financiers.”
In 2012, Forbes explained that Geli “is developing an operating system that will give a battery system the brain to perform its tasks,” adding that the Geli operating system for batteries would work similarly to a computer or phone’s operating system — coordinating “communications between the hardware and the apps to make sure the various programs” work and don’t interfere with each other.
“Geli closing this investment round is validation of the pure-play software provider model for energy storage,” said Geli co-founder Ryan Wartena, who will soon assume the role of company President. “We are excited to work with investors who bring deep knowledge and presence in international energy markets and understand the value of a software platform that can manage and optimize heterogeneous energy assets. This is a crucial step in realizing our vision for an Internet of Energy.”
“Geli’s unique combination of vision, intellectual property, and business model focus is highly differentiated, and positions us as an ideal partner for leading project developers, integrators and OEMs alike” said Dan Loflin, Geli’s current President and COO, who will soon transition into the role of CEO. “With partners like Shell, we are enhancing Geli’s ability to accelerate the adoption and optimization of energy storage and transactive energy systems. I’m honored to be a part of this exceptional team.”
“We see significant potential for an independent software technology platform to enable growth in the energy storage systems market, and are excited to be partnering with the leader in this space,” added Geert van de Wouw, Managing Director of Shell Technology Ventures. “Geli’s products are unique in their ability to scale from residential to utility applications, and across various types of energy assets. Shell is exploring opportunities to implement Geli-enabled solutions across its own assets and those of our customers.”
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