Green Charge Networks Closes $56M Funding Round
K Road DG is providing $56 million in capital funding and strategic management assistance to Green Charge Networks to accelerate deployment of its GreenStation under Green Charge’s Power Efficiency Agreement (PEA).
Green Charge’s GreenStation energy storage system has been installed by 7-Eleven, Walgreens, UPS, school campuses and cities across New York and California. Now with the PEA, Green Charge will own and operate energy storage assets deployed at customer sites, while providing the customer with a combination of utility bill savings, zero capital and maintenance costs and mitigated performance risk.
Similar to a solar power purchase agreement (PPA), the PEA shifts the performance burden onto Green Charge as the asset owner instead of the customer. This type of financing model has been widely used for distributed solar, but has not been available in the energy storage market, says Green Charge.
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