Opus One Solutions Closes Series B Funding Led by Renewal Funds
Renewal Funds joins earlier investors Energy Impact Partners and Engie
NEW YORK and TORONTO, Dec. 14, 2018 (GLOBE NEWSWIRE) — Opus One Solutions, the leader in transactive energy and distributed energy software solutions, today announced it has closed a Series B funding, which was led by Renewal Funds, to further the company’s mission to embed their energy solutions across North America and the globe.
This latest infusion of capital will help Opus One expand their offerings in the United States, Canada and globally at this crucial time. Utilities are grappling with the complexities of transitioning from an electric grid dominated by large, centralized power plants to one in which customers increasingly rely on their own distributed energy resources (DERs), such as solar panels, battery storage, electric vehicles and smart homes.
“The energy sector is changing rapidly and providing new opportunities for utilities and organizations to better deploy energy solutions. We’re only at the dawn of what technology can do to transform this sector. Renewal Funds not only understands our goal to modernize the grid for two-way energy flows, big data analytics, and transactive business models, but they also add significant strategic value,” said Joshua Wong, President and CEO of Opus One.
“The environment and clean technology are priority investment areas for us,” shared Paul Richardson, Managing and Founding Partner, Renewal Funds. “We’ve looked at a number of impressive technologies designed specifically for grid solutions and DER integration over the years, yet Opus One Solutions is the first company we’ve seen that can bring all these disparate technologies together under a single umbrella. We’re excited to partner with the Opus One team and their investor advocates, to find new ways to bring the company’s current and future solutions to utilities and organizations around the world.” Opus One is the first portfolio company in Renewal Funds’ latest venture fund: Renewal4.
Renewal Funds, a mission venture capital firm that invests exclusively in companies that deliver meaningful environmental impact, joined strategic investors Energy Impact Partners (EIP) the utility-backed investment fund, and Engie, a global leader in energy solutions and services, in providing investment to propel Opus One forward.
In Hawaii, nearly one-third of homes on some islands have rooftop solar panels. The state has established a 100-percent renewable energy goal – which means that widespread distributed energy will present significant challenges. In April, Opus One announced that the company’s GridOS® Dynamic Hosting Capacity will be used to assess what level of DERs can be accommodated on a feeder or neighborhood circuit in close to real-time. This capability will help optimize both grid assets and distributed energy resource assets – while maintaining stable and reliable service for customers.
“The global trend has been to reduce the cost of electricity bills for consumers. Opus One enables this objective with an effective planning solution that decreases the cost to consumer while offering utilities the opportunity to increase revenue,” highlighted Hari Subramaniam, Chief of Strategic Growth of Opus One.
Utilities and regulators across North America and the globe acknowledge the need for advanced planning and new operational capabilities. UK and many US states, including New York, California, Hawaii, Minnesota and Colorado, have established or are considering requiring utilities to provide detailed plans for how they will upgrade their poles and wires by utilizing non-wire solutions.
Opus One has achieved several recent significant milestones that offer new ways for utilities to operate their distribution systems and more efficiently deliver power to customers. This year, in collaboration with National Grid, the company launched the first distribution-level energy market with transparent and granular economic signals, allowing customers to deliver energy and other services to the local utility. Establishing this kind of Distributed System Platform is a key part of New York’s “Reforming the Energy Vision” Initiative, launched in 2014 by Governor Cuomo and the Public Service Commission.
About Opus One Solutions
Opus One Solutions is a software engineering and solutions company with the vision of a distributed energy network. Opus One’s intelligent energy networking platform, GridOS®, optimizes complex power flows to deliver real-time energy management and integrated planning to distribution utilities and other managers of distributed energy assets. GridOS is modular, scalable, and integrates seamlessly with existing data systems to unlock greater potential for distributed energy resources, including renewable generation, energy storage, and responsive demand. GridOS also facilitates the management of microgrids — from homes to businesses to communities — for unparalleled grid resiliency and value to the electricity customer.
About Renewal Funds
Renewal Funds is a Vancouver based mission venture capital firm investing in early growth stage companies in Canada and the United States, adding value for entrepreneurs through capital, networks, and expertise. Renewal funds deliver above market returns for our partners while catalyzing positive social and environmental change.
About Energy Impact Partners
Energy Impact Partners is a strategic private equity firm established in 2015 that invests in innovative technologies, services, and products throughout the energy supply chain from generation to consumption. It provides its strategic partners with critical information helping them plot a path into the future. Through close collaboration with its investor base, EIP seeks to bring the best companies, buying power and vision in the industry to bear on the emerging energy landscape. EIP’s utility partners include Southern Company, National Grid, Xcel Energy, Ameren, Great Plains Energy, Fortis Inc., AGL, Avista, MGE Energy Inc., TEPCO, PTT Public Company Limited, OGE Energy Corp., TransCanada, and Alliant Energy. For more information, visit www.energyimpactpartners.com.
ENGIE develops its businesses (power, natural gas, energy services) around a model based on responsible growth to take on the major challenges of energy’s transition to a low-carbon economy: access to sustainable energy, climate-change mitigation and adaptation and the rational use of resources. The Group provides individuals, cities and businesses with highly efficient and innovative solutions largely based on its expertise in four key sectors: renewable energy, energy efficiency, liquefied natural gas and digital technology. ENGIE employs 154,950 people worldwide and achieved revenues of € 69.9 billion in 2015. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, DJSI World, DJSI Europe and Euronext Vigeo (Eurozone 120, Europe 120 and France 20)
Chief Strategic Growth & Policy Officer
Opus One Solutions