Leap, the leading platform for energy market access, announced that it has secured a new capital raise totaling $12 million in equity financing. The funding round was led by Standard Investments with participation by DNV Ventures and Sustainable Future Ventures as well as existing Leap investors, including Union Square Ventures, Congruent Ventures and National Grid Partners.
Leap’s software platform facilitates fast, automated access to energy markets for battery storage systems, electric vehicle (EV) charging, smart thermostats, building management systems and other distributed energy resources (DERs), making it easy for technology providers and operators to earn revenue in demand response and other grid services programs.
“The need for clean, flexible capacity to help balance the strained power grid has never been higher,” said Leap Co-Founder and CEO Thomas Folker. “With this new investment, we will continue to add high-value features to our platform, grow our network of technology partners and expand our value stack across geographies as we advance our mission to decarbonize the world’s electric grids.”
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Alongside a growing network of 70+ technology partners, Leap has successfully connected over 70,000 customer meters to deploy virtual power plants (VPPs) across the United States.
“Distributed energy resources are a growing priority for both consumers and utilities. With Leap’s unique ability to monetize all types of assets — from energy storage to electric vehicles to building management systems — it is a market maker in an increasingly crowded field,” said Standard Investments’ Logan Ashcraft, who was named to Leap’s Board of Directors. “Standard’s investment in Leap is part of our focus on empowering founders who are bridging the digital and physical worlds to accelerate the energy transition.”
SOURCE: BusinessWire