Battery storage solutions provider Viridity Energy has raised $8.5 million from AltEnergy LLC. Viridity makes demand response and management software to optimize energy revenue and cost reductions, in combination with battery storage solutions. AltEnergy is an investment firm that focuses on demand response, renewables, energy storage, high-voltage transmission, demand management, and cyber security. It invests in early stage and high-growth opportunities.
“AltEnergy’s commitment to Viridity Energy with this latest investment allows us to continue the rapid growth we’ve experienced over the last three years, with capital to expand our resources in software technology and services for demand response and battery storage customers.We now have over 2,000 large commercial and industrial end-users leveraging our software to lower their overall spend on energy. Our battery storage solutions have also become a rapid area of growth,” explained the CEO of Viridity Energy, Mack Treece.
In 2016, Viridity was selected to operate a solar power and energy storage facility in Ohio with a 7.5 MW capacity, and to provide energy market services for an 8.75 MW system related to rail in Pennsylvania.
“Since AltEnergy’s original investment in Viridity in 2009, the company has evolved into an industry leader with innovative software technology that maximizes the value of flexible energy load. This investment will help fuel the continued rapid growth of the company, and further extend its leadership position in energy storage and advanced demand response,” said Russell Stidolph, AltEnergy’s Managing Director.
Viridity’s headquarters are in Pennsylvania and it was founded in 2008. AltEnergy, LLC was founded in 2006 and has offices in Connecticut and New York.
Image Credit: Viridity