Electric Grid Startup Secures $4 Million in Funding

 

Go Electric, Inc., a developer of advanced microgrid solutions for military, commercial and industrial and mobile applications, recently announced it secured $4 million in growth capital from WindSail Capital Group, a Boston-based investment firm focused on energy innovation and sustainability. This new funding will support Go Electric’s deployment of its turnkey, uninterruptible microgrids, which enable its customers to maintain operations without disruption when the electric grid goes down while also optimizing the energy efficiency benefits of distributed energy resources.

In the wake of increasingly frequent and volatile weather events alongside growing renewable energy penetration, there is an increased focus on resiliency and the ability to maintain commercial and industrial operations when the electrical grid goes down. Go Electric’s microgrid solution “empowers customers to reliably continue operations while taking advantage of participation in grid services markets,” the company stated. Go Electric has also received funding from GXP Investments, Elevate Ventures and the Clean Energy Trust.

“As twin imperatives strengthen around integration of renewables and around hardening assets to prevent power outages, C&I customers are seeking new and resilient solutions,” said Ian Bowles, WindSail Capital Group Managing Director.

The microgrid market has grown exponentially in recent years, with many in the energy sector relying on the theory of a decentralized grid, and many municipalities offering grants for just that.

For example, as part of a national grid modernization initiative, South Carolina’s Duke Energy has received a portion of a $7.2 million federal grant for a three-year project involving the Anderson Civic Center Microgrid. In January, the International District Energy Association called for more focus and energy being put towards district cooling systems and microgrids.

In recent years, microgrids have become bigger business in general. Microgrid Knowledge reported that global annual revenue from microgrids rose 29% between 2015 and 2016. And Navigant Research predicted that the worldwide microgrid research market will reach almost $20 billion in annual revenue by 2020.

 

 

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