FlexGen Announces $100 Million Series C to Power Continued Growth
Funding will Support FlexGen in Executing Its Impressive Pipeline of Projects
DURHAM, N.C., July 19, 2022 /PRNewswire/ -- FlexGen Power Systems, Inc. ("FlexGen", or the "Company"), a leading integration services and software technology provider for energy storage solutions in the U.S. and globally, today announced the close of a $100 million Series C Investment round. The investment is anchored by Vitol, the largest independent energy trading company globally, in partnership with existing investors. This latest investment further solidifies FlexGen as a leader in energy storage integration, and will support the execution of its large pipeline of projects across multiple regions.
"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. This latest round of investment expands the advantaged position that FlexGen has with our customers across the utility, IPP, and co-op markets," said Kelcy Pegler, CEO of FlexGen. "We are laser-focused on delivering the industry's best software and integration services to our valued clients."
"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.
FlexGen's proprietary energy management software platform, HybridOS, allows energy storage owners to deploy various power market strategies and combine storage solutions with any form of generation. The integration of energy storage requires software and technological solutions that play a critical role in the adoption of renewables at scale—offsetting the intermittency and reliability challenges that renewable power generation creates for the grid. Since its founding in 2009, FlexGen has installed over 3 GWh of energy storage systems across the U.S. for utility, microgrid, and C&I customers.
FlexGen is the leading integration services and software technology provider for energy storage solutions in the U.S. and globally. For more information: https://flexgen.com
Akin Gump Strauss Hauer & Feld LLP acted as legal counsel to Vitol. DLA Piper LLP acted as legal counsel, and Citi acted as sole placement agent to FlexGen.
Vitol is a leader in the energy sector with a presence across the spectrum: from oil through to power, renewables and carbon. It trades 7.6 million barrels per day of crude oil and products, and charters circa 6,200 ship voyages every year.
Vitol's clients include national oil companies, multinationals, leading industrial companies and utilities. Founded in Rotterdam in 1966, today Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including: 16 m m3 of storage globally, 500 k b/d of refining capacity, over 6,800 service stations and a growing portfolio of transitional and renewable energy assets. Revenues in 2021 were $279 billion.
About FlexGen Power Systems, Inc.
Based in Durham, N.C., FlexGen is a leading integration services and software technology provider for energy storage solutions in the United States and globally. FlexGen designs and integrates storage solutions and the software platform that is enabling today's energy transition. Leveraging its best-in-class energy management software and power electronics, FlexGen delivers utility-scale storage projects integrated with traditional and renewable power generation globally. Our clients and partners include the most technically and commercially demanding developers, utilities, government agencies and industrial companies in the world. To learn more, please visit www.flexgen.com