The Venture Codex

Participated · Equity · Mar 2017

Primus Power is a Hayward, California-based provider of stationary energy storage systems that develops the EnergyPod® 2, a long-duration electrical energy storage system. Its flow batteries are shipping to U.S. and international commercial/industrial, data center, microgrid, utility, and military customers. The company holds technical innovations protected by 34 patents across nine countries/regions. Primus Power secured $32M in equity financing and has raised $94M in equity plus $20M in government grants since its founding in 2009. The company will use the funds to accelerate its commercial efforts. Led by CEO Tom Stepien, Primus Power is advancing commercial deployments with support from both new and existing strategic investors. Primus Power, founded in 2009 and based in Hayward, California, develops grid-scale stationary energy storage systems. Its products include EnergyCells and EnergyPods®, a distributed, multi-hour system intended to economically serve multiple storage applications. The company holds 22 patented innovations in chemistry, cell design and system engineering. Led by CEO Tom Stepien, Primus Power has raised $60m in equity since its founding and received $20m in strategic government grants from the DOE, ARPA‑E, BPA, CEC and DOD/ESTCP. The technology targets utilities and large-scale storage deployments. In September 2015 it completed a $25m Series D round. Primus Power develops low-cost, grid-scale energy storage systems built around its distributed, multi-hour EnergyPod® platform that serves multiple storage applications. The company is led by CEO Tom Stepien and was founded in mid-2009. It plans to use the recent financing to fund 2014 customer shipments and to expand its sales and customer support organizations. In the coming year the company will ship systems to investor-owned utilities, municipal utilities and microgrids at military bases. Financially, Primus has secured a $20m first close of a Series C and, to date, has raised $35m in equity funding. It has also received strategic government grants totaling $20m from the DOE, ARPA-E, BPA and the CEC. Primus Power develops low-cost, power-dense flow battery systems (EnergyCell and EnergyPods) for grid-scale energy storage and multiple utility applications. Its technology targets transmission capacity, renewable integration and frequency regulation with patent-pending chemistry, cell design and system engineering. The company says its systems offer high power density, portability and industry-low prices. Primus has received government grants from the U.S. DOE, ARPA-E and the California Energy Commission, which complement its private financing. The recent funding will support development of a full-scale demonstration system and accelerate commercialization. Primus emphasizes rapid deployment to support the growing share of renewables on the grid.

Led · Equity · Oct 2016

Geostellar operates an online solar energy marketplace that uses a patented instant, interactive solar profile to tailor solar equipment, installation and financing to each household. The company emphasizes a low-cost business model intended to lower the cost of solar and make it more competitive with conventional electricity, increasing homeowner savings. Geostellar offers the Solar Mojo app for iPhone and iPad and runs Solar Family, a social marketing program for a network of independent solar entrepreneurs. Proceeds from the recent financing will be used in part to expand Solar Family and to recruit, train and support independent Solar Professionals. The company is also kicking off a national search for the first “Solar Tycoon” and will hold Solar Power Happy Hour training events in select markets. Geostellar’s leadership framed the round as validation of its plan to disrupt the industry by providing low-cost electricity and harnessing entrepreneurial distributors. Geostellar offers proprietary geomatic and predictive-algorithm technology to assess solar potential and the financial return of on-site solar for residential and commercial properties. The platform automates site assessment tasks—roof slope and orientation, shading analysis, power-production modeling, system design and financial analysis—using 3D simulation to produce unbiased equipment, financing and installation recommendations. It also models utility rates, incentives and underwrites financing options such as leases, PPAs and loans, and assists with permits and rebates. Geostellar positions this automation to reduce origination and soft costs and to expand distributed solar generation markets. The company plans to extend coverage nationally by sourcing remote sensing data from strategic investor GeoEye and to accelerate delivery of its solar intelligence to homeowners and corporate facility managers. The announcement describes a new investment from strategic, financial and economic development sources but does not disclose financial terms or operating metrics in the article.