31 Aug '15, 11pm

AEP Invests $5M in Greensmith to Grow Grid-Scale Energy Storage

AEP Invests $5M in Greensmith to Grow Grid-Scale Energy Storage

Privately held Greensmith, a provider of software for grid-scale energy storage, just closed an "oversubscribed" $12.3 million round of funding with help from venture investors and $5 million from utility behemoth AEP. That brings Greensmith's investment total to about $20 million. GTM's senior storage analyst Ravi Manghani notes, "​This marks a shift in ​AEP's energy storage strategy. It's also the first major storage activity at AEP since the community energy storage (CES) pilots in Ohio. AEP was one of the first utilities to explore energy storage in the mid-2000s. Its strategy was focused on CES deployed closer to load centers that would provide AEP several grid and local benefits. Greensmith offers AEP an actionable path to monetize the various distribution level benefits using its software platform. In that sense, it will be interesting to see if it continues to purs...

Full article: http://www.greentechmedia.com/articles/read/AEP-Invests-5...

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