E.ON has made an undisclosed investment Greensmith,, a US-based start-up company providing energy storage software and integration services.
E.ON’s investment brings Greensmith’s total Series C round to US$18.3 million, including a previous US$5 million strategic investment from American Electric Power
Greensmith plans to use the financing to expand commercial and technology delivery operations to leverage pipeline acceleration and to advance its GEMS energy storage software platform. The financing, along with the new relationship with E.ON, will also help Greensmith exploit a rapidly growing European energy storage market, the US company said.
Greensmith’s GEMS software platform optimizes the performance of energy storage by lowering costs and maximizing the system’s return on investment through life. “The energy industry is undergoing a fundamental transformation—E.ON is committed to empowering its customers and promoting decentralized energy solutions while expanding our power grids and making them smarter,” said Susana Quintana-Plaza, Senior Vice President Technology & Innovation E.ON SE.
“As such, we needed a partner that could deliver superior results. Greensmith’s innovative software and extensive experience in both battery and PCS integration and control will enable us to extend our energy storage activities and to provide better solutions to our customers. We are pleased about our partnership with Greensmith and look forward to working together.”