California, USA-based next-generation clean power company Equilibrium Energy emerged from stealth with USD 33 million funding. The company announced the investment on Aug 1, 2023. Top-tier institutional investors such as Breakthrough Energy Ventures, Global Founders Capital, and NJP Ventures provided the investment. Meanwhile, the company also received participation from a prominent university endowment.
Purpose of financing for Equilibrium Energy
Equilibrium Energy’s short-term focus is on supporting its battery developer partners in financing their fleets of grid-scale battery deployments in Texas.
The company recently announced the most significant battery tolling agreement in Texas. It is a 100-megawatt (MW) battery beginning operations last month on its state-of-the-art power volatility-centric technology platform.
The largest battery tolling agreement in Texas is announced in partnership with Hatch Renewables. It is a 100 MW battery owned by leading battery developer Jupiter Power.
Earlier in July 2023, Equilibrium began operating the West Texas battery leveraging its power volatility-centric technology platform. The technology is a state-of-the-art platform that uses cutting-edge AI and power grid fundamentals, tailor-made to navigate the increasingly volatile power grid and markets.
What the company’s official has to add
Ryan Hanley, Founder and CEO of Equilibrium Energy, said, “The climate crisis demands all that we can give. Equilibrium is building a next-generation power company to give just that. We have assembled a world-class team that is building a company that the Climate Generation can be proud of, one that puts a serious dent in global carbon emissions.”
What the investors have to comment
In addition, Carmichael Roberts, Breakthrough Energy Ventures (BEV), said, “Decarbonizing the grid is central to BEV’s mission. At BEV, we’ve got experts in grid technology, markets, and policy within our organization, and we are convinced that Ryan and his team are incredibly well-positioned to bridge across the traditionally siloed domains of electricity infrastructure, digital technology, power markets, and financing to solve some of the grid’s biggest challenges.”
About the company
Ryan Hanley in 2021 launched the company. Equilibrium Energy seeks to develop a Climate Generation power platform to accelerate the path to climate and energy equilibriums. The company integrates deep energy expertise with cutting-edge technology to build a better power company.
It operates at the intersection of AI, power systems, software, power volatility, innovative commercial structuring, as well as quantitative portfolio management across the power value chain. Equilibrium consists of cross-disciplined experts and thrives on combining its experiences in holistic and novel ways in pursuing its climate impact ambitions.
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