Funding to accelerate commercial deployment of fail-safe, point-of-use lithium-ion battery storage technology.
BUFFALO, New York – Viridi Parente, Inc. (Viridi), a leader in developing safe, resilient, point-of-use battery storage technology, has raised $94.695 million in a Series C funding round. This round of funding, in which Viridi is valued, post-money, at $700 million, marks the next step toward the company’s vision to manufacture fail-safe, point-of-use lithium-ion battery technology at scale.
The Series C round was led by existing investor B. Thomas Golisano, an entrepreneur, philanthropist, and civic leader who has demonstrated an ongoing dedication to building innovative businesses. New investors include Ashtead Group/Sunbelt Rentals, a leader in the equipment rental industry providing a highly diversified offering of equipment and solutions that service a broad customer base with more than 1,025 locations supporting a rental fleet of $11 billion, and National Grid Partners, the investment arm of National Grid, one of the world’s largest investor-owned energy companies.
According to Jon M. Williams, Chairman and CEO, Viridi Parente, Inc., “Point-of-use energy storage has the potential to more than double the delivered capacity of our entire energy transmission system without additional investment in new infrastructure. Passenger vehicles currently represent roughly 3% of the world’s total GDP. The majority of the innovation around this technology is focused on battery powered vehicles, however, technology designed for cars does not translate into other sectors of the economy where safety, resilience and cycle life are the leading design requirements. Viridi is developing safe, resilient and cost-effective point-of-use lithium-ion battery systems that will power the other 97% of our economy.”
Viridi’s Green Machine brand has set the standard as the first lithium-ion pack system to meet the demands of the construction and heavy industrial markets, with systems that feature long cycle life, resilient physical design and completely self-contained architecture. Green Machine has over 250,000 hours of field use with actual customers on its portable lithium-ion battery systems, in a market projected to reach USD $205 billion in North America by 2025.
Viridi’s Volta Energy brand offers stationary lithium-ion battery pack systems designed and tested to be fail-safe for installation in occupied spaces. Systems can be configured to provide from 50 kWh to 5 MW of distributed energy storage at the point-of-use.
Applications range from data centers and manufacturing, to residential and commercial, to medical and research facilities — anywhere that fail-safe, resilient, renewable energy is needed. According to Bloomberg New Energy Finance (BNEF), energy storage installations will reach over one gigawatt-hour by 2030 and will require more than $262 billion of investment, with about one quarter of installations to be located at homes and businesses.
B. Thomas Golisano said, “We are excited to be part of Viridi’s next growth phase. In a short period of time the market demand has been extraordinary, therefore the need to increase production to meet this demand is imperative. This funding round should not only help satisfy near-term demand but set the company up for longer-term growth.”
“We are thrilled to partner with Viridi Parente to bring products to the market that meet the increasing demands for non-fossil fuel dependent equipment our customers are seeking in order to achieve their carbon reduction commitments,” stated Brad Coverdale, Sunbelt Rental’s Vice President of Fleet and Procurement.
“At National Grid, we know decarbonizing transport is critical to achieving net zero,” said Lisa Lambert, Chief Technology & Innovation Officer, National Grid and President & Founder, National Grid Partners. “And while momentum’s been gaining in consumer cars and trucks, there’s not been nearly enough focus on industrial vehicles, which create significant amounts of greenhouse gases. National Grid Partners is excited to support the Viridi Parente team, and we look forward to helping them seize this emerging market opportunity.”
With safety being a key factor to the success of point-of-use battery storage, Viridi Parente is working with KULR Technology Group, Inc. (NYSE: KULR) to combine its patented safety technology with Viridi’s battery architecture, creating a pack system that is safe enough to install indoors and durable enough to withstand the outdoor elements. KULR’s technology is being used on the Mars 2020 Perseverance Rover and other mission-critical NASA applications.
“Volta Energy’s pack architecture uses the same carbon fiber thermal management technologies we developed for NASA’s demanding space program, including crewed missions. Viridi has not only innovated fail-safe pack design using these new technologies, they have innovated methods for testing pack safety in extreme conditions that no one else has even attempted. We’re very excited to be part of the technology to bring fail-safe lithium-ion energy storage to point-of-use customers. This strategic investment by Sunbelt Rentals and National Grid means that Viridi has the channels that can scale this technology into a massive market,” said KULR’s CEO, Michael Mo.
About Viridi Parente
Viridi Parente, Inc. (Viridi) is a point-of-use lithium-ion battery technology company based in Buffalo, New York, that is reimagining energy storage. Viridi’s innovative, fail-safe battery technology, developed from materials used for aerospace and military applications, is the only design in the market that can be safely installed and operated in nearly any environment or location, bringing fail-safe battery storage technology into applications that have historically been dominated by fossil fuel and lead-acid systems. Through its Green Machine brand, Viridi is bringing fully renewable mobile energy solutions to products in construction, waste disposal, last-mile delivery, and other portable industrial markets.
Through its Volta Energy brand, Viridi brings stationary, point-of-use battery technology that is fail-safe, adaptable, and reliable to industrial, medical, commercial, municipal, and residential building applications. Viridi’s innovation extends to creating social as well as economic value, by repurposing abandoned manufacturing sites, located in economically depressed urban areas, and creating jobs in these challenged communities where they are needed most. Learn more at: www.viridiparente.com.
About B. Thomas Golisano/Grand Oaks Capital
Grand Oaks Capital is an investment firm founded by B. Thomas Golisano that makes strategic investments in both public and private securities.
About Sunbelt Rentals
We MAKE IT HAPPEN! With a passionate team of 17,000 rental experts, a growing network of more than 1,025 locations and an extensive equipment fleet that exceeds $11 billion, Sunbelt Rentals helps professionals and do-it-yourselfers get things done. With a highly diversified offering of equipment, solutions, and services available, we assist customers throughout North America extend their capabilities, complete projects on-time and handle times of crisis. No matter if you are in commercial, industrial, residential, or municipal industries, we are constantly advancing the idea of what an equipment company can do for its customers. Visit sunbeltrentals.com to find out what we can do for you.
About National Grid Partners
National Grid Partners (NGP) is the venture investment and innovation arm of National Grid plc., one of the largest investor-owned energy companies in the world. NGP invests for strategic and financial impact and leads companywide disruptive innovation efforts. The organization provides a multi-functional approach to building startups, including innovation (new business creation), incubation, corporate venture capital, business development and venture acceleration. NGP is headquartered in Silicon Valley and has offices in Boston, London, and New York. Visit ngpartners.com or follow us at www.twitter.com/@ngpartners and www.linkedin.com/showcase/national-grid-partners.
Wendy Prabhu, Mercom Communications