DURHAM – The Durham-based FlexGen Power Systems, Inc. has raised another $100 million to power up its business.
The Series C fundraising follows a Series B raise in August 2021, when the company brought in $150 million from funds managed by affiliates of Apollo Global Management, Inc., and other investors.
The latest round is led by Vitol, an independent energy trading company that operates globally, and included existing investors, according to a company statement shared with WRAL TechWire.
According to the statement, the integration services and software provider for the energy storage sector will use the funds to bolster its project pipeline.
“We are excited to have Vitol join our existing investors to help power our continued growth. It is clearer than ever that the future of energy relies on energy storage that is cost-effective, safe, and easy to manage,” said said Kelcy Pegler, CEO of FlexGen, in the statement.
Pegler joined the company in early 2021 replacing executive leaders who exited during a planned transition that occurred at the end of 2020, as WRAL TechWire reported in March.
Durham energy storage firm FlexGen banks $150M commitment from investors
An ‘advantaged position’
According to Pegler, the latest funding round “expands the advantaged position” of the company.
The company’s proprietary energy management software platform, known as HybridOS, is described by the company as a platform that would enable “energy storage owners to deploy various power market strategies and combine storage solutions with any form of generation.”
Since 2009, when the company was founded, FlexGen has installed more than 3 gigawatt hours of energy storage systems for its clients in the United States, the company statement notes.
“We will not reach our carbon reduction targets without energy storage, which addresses the intermittency of renewables generation and helps to create a more stable grid for the future. FlexGen is the leader in energy storage solutions, and we look forward to supporting the company’s international expansion through our global footprint, as well as providing battery optimization solutions for FlexGen’s customers,” said R. Andrew de Pass, Head of Renewables, Vitol Inc., in the statement.
New CEO, CFO look to charge up Durham-based energy storage firm FlexGen
