Leap Secures $12M Investment to Expand Virtual Power Plant Software Solution

2023-07-19 01:59

SAN FRANCISCO--(BUSINESS WIRE)--Jul 18, 2023--

Leap, the leading platform for energy market access, today announced that it has secured a new capital raise totaling $12 million in equity financing. The funding round was led by Standard Investments with participation by DNV Ventures and Sustainable Future Ventures as well as existing Leap investors, including Union Square Ventures, Congruent Ventures and National Grid Partners.

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New capital raise led by Standard Investments (Graphic: Business Wire)

Leap’s software platform facilitates fast, automated access to energy markets for battery storage systems, electric vehicle (EV) charging, smart thermostats, building management systems and other distributed energy resources (DERs), making it easy for technology providers and operators to earn revenue in demand response and other grid services programs.

“The need for clean, flexible capacity to help balance the strained power grid has never been higher,” said Leap Co-Founder and CEO Thomas Folker. “With this new investment, we will continue to add high-value features to our platform, grow our network of technology partners and expand our value stack across geographies as we advance our mission to decarbonize the world’s electric grids.”

Alongside a growing network of 70+ technology partners, Leap has successfully connected over 70,000 customer meters to deploy virtual power plants (VPPs) across the United States.

“Distributed energy resources are a growing priority for both consumers and utilities. With Leap's unique ability to monetize all types of assets — from energy storage to electric vehicles to building management systems — it is a market maker in an increasingly crowded field,” said Standard Investments' Logan Ashcraft, who was named to Leap’s Board of Directors. “Standard's investment in Leap is part of our focus on empowering founders who are bridging the digital and physical worlds to accelerate the energy transition.”

About Leap

Leap is the leading platform for generating new value from distributed energy resources (DERs) through integration with energy markets. Through its software-only solution, Leap facilitates fast, easy and automated access to high-value grid services revenue streams for the providers of batteries, electric vehicle charging, smart thermostats, HVAC systems and other flexible assets. By aggregating the DERs enrolled on its platform, Leap supplies virtual power plants (VPPs) to balance the grid. Leap enables its partners and their customers to unlock new value streams and help create a more flexible, resilient grid powered by renewable resources.

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CONTACT: Caroline Thompson

Marketing Manager

caroline@leap.energy

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: TECHNOLOGY EV/ELECTRIC VEHICLES AUTOMOTIVE OTHER ENERGY UTILITIES ALTERNATIVE ENERGY SOFTWARE ENERGY BATTERIES

SOURCE: Leap

PUB: 07/18/2023 01:41 PM/DISC: 07/18/2023 01:38 PM

http://www.businesswire.com/news/home/20230718881027/en