Capital Slated for Continued Expansion of Company’s Market Leadership
Vancouver, B.C. September 15, 2015. Enbala Power Networks, the leader in distributed energy resource management, announces that Obvious Ventures has invested $3 million in the company. Based in San Francisco, CA, Obvious Ventures is an early stage venture capital firm focused on “world-positive” startups across sustainability, healthy living and people power. Evan Williams, cofounder of Blogger, Twitter and Medium, helped form Obvious Ventures in early 2014.
“Enbala is an ideal match for our vision of a sustainable energy future,” said Andrew Beebe, Managing Director, Obvious Ventures. “We believe the company is poised for continued rapid growth and success in the burgeoning distributed energy market. We are very excited to be part of the team.”
Enbala previously raised $11 million in new equity financing earlier in the year. Enbala will use the funds to extend and enhance its technology platform, which aggregates, controls, optimizes and dispatches distributed energy in real-time. The Enbala distributed energy resource management system (DERMS) platform is being used by New Brunswick Power, PJM Interconnection, IESO and other utilities and grid operators to firm renewable energy resources, leverage customer-side assets for ancillary services such as frequency regulation, mitigate substation upgrades and reduce the use of traditional generation resources for spinning reserves.
“We couldn’t be more pleased to have Obvious Ventures as an investor in our continued success,” said Bud Vos, Enbala President and CEO. “With Obvious Ventures joining GE Ventures, Edison International and our other investors, we are well-positioned to continue the expansion of our footprint into the rapidly growing distributed energy market.”
About Enbala Power Networks®
Enbala Power Networks is focused on making the world’s power grids greener and more reliable, efficient and predictable by harnessing the power of distributed energy. Enbala’s real-time energy-balancing platform is transforming energy system operations through its revolutionary, highly flexible approach for creating controllable and dispatchable energy resources. It unobtrusively captures and aggregates available customer loads, energy storage and renewable energy sources to form a network of continuously controlled energy resources. The platform dynamically optimizes and dispatches these resources to respond to the real-time needs of the power system – all without impacting customer operations.