Opus One Solutions, the leader in transactive energy and
distributed energy software solutions, today announced it has
closed a series B funding 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 a crucial
time when utilities are grappling with the complexities of
transitioning from an electric grid dominated by large, centralized
power plants to one in which customers increasingly own distributed
energy resources (DERs) like solar panels, battery storages,
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, joins 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, on some islands, nearly a third of homes have rooftop
solar panels. The state has established a 100 per cent renewable
energy goal which means that distributed energy is presenting
significant challenges. Opus One announced in April that they will
use their GridOS® Dynamic Hosting Capacity to understand how much
DER can be accommodated on a feeder or neighborhood circuit in
close to real-time to optimize grid assets and distributed energy
resource assets—while maintaining stable and reliable service for
customers.
Utilities and regulators across the board acknowledge the need
for advanced planning and new operational capabilities. Many
states, including New York, California, Hawaii, Minnesota and
Colorado, have either established or are considering requirements
for utilities to come forward with detailed plans describing how
they will upgrade their poles and wires, utilizing non-wires
solutions and control systems that comprise their distribution
systems.
Opus One has achieved several significant milestones recently
that signal new ways for utilities to operate their distribution
systems and deliver power to customers. This year, the company
launched the first distribution-level market with transparent and
granular economic signals, allowing customers to deliver energy and
other services to the local utility with National Grid.
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.
“Integrating and optimizing distributed energy is perhaps the
greatest challenges the utility industry has faced in the last
century,” noted Sameer Reddy of Energy Impact Partners. “We’re very
excited about the early successes and leadership position that Opus
One has established.”
“We see long-term trends where technology and policy are
aligning to change the industry,” observes Nigel Purcell of Engie.
“Opus One has demonstrated they have the capability to deliver real
solutions for energy service companies who are planning for the
future. This investment partnership will accelerate Opus One’s
market growth and development of solutions to manage and modernize
an increasingly distributed electricity grid.”
About Opus One SolutionsOpus 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 so that
it can 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 FundsRenewal 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 delivers above market returns for their partners while
catalyzing positive social and environmental change.
About Energy Impact PartnersEnergy Impact
Partners is a collaborative strategic investment fund that invests
in companies optimizing energy consumption and improving
sustainable energy generation. Through close collaboration with its
strategic 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 partners include Southern Company (NYSE:
SO), National Grid (NYSE: NGG), Xcel Energy (Nasdaq: XEL), Ameren
(NYSE: AEE), Great Plains Energy, and Fortis Inc. (TSX: FTS). For
more information, visit www.energyimpactpartners.com
About EngieENGIE 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)
ContactHari SubramaniamChief Strategic Growth
& Policy OfficerOpus One
Solutionshsuthan@opusonesolutions.com
National Grid (NYSE:NGG)
Historical Stock Chart
From Aug 2024 to Sep 2024
National Grid (NYSE:NGG)
Historical Stock Chart
From Sep 2023 to Sep 2024