E.ON and Iberdrola Join Existing Investors with $12 Million Investment in
Global energy leaders to help accelerate manufacturing ramp-up and expansion
in North America and internationally
MENLO PARK, Calif., May 14, 2014
MENLO PARK, Calif., May 14, 2014 /PRNewswire/ --QBotix, which delivers up to
20% improvements in solar PV project economics with the optimized Robotic
Tracking System™ (RTS), today announced $12 million in Series B financing.
E.ON and Iberdrola (Inversiones Financieras Perseo, S.L.) joined existing
investors, New Enterprise Associates, Firelake Capital Management and Draper
Nexus, in the funding round.
Photo - http://photos.prnewswire.com/prnh/20140514/87776
"We are very excited to welcome E.ON and Iberdrola, as investors and strategic
partners. As diversified global energy companies, their commitment to QBotix
validates our strong value proposition," said Wasiq Bokhari, Founder and CEO.
"Our bankable system provides up to 15% more energy than single-axis trackers
and up to 45% more energy than fixed-tilt mounting systems, and it can provide
an immediate reduction of up to 20% in CAPEX or levelized cost of energy for
our commercial and utility-scale customers."
E.ON and Iberdrola are among the largest global energy companies with
wholesale power generation utility divisions providing electricity to
residential, commercial, and industrial customers across four continents. As
energy leaders, they realize that as PV costs stabilize, subsidies recede, and
grid-parity is achieved in markets globally, the long-term technology winners
in solar are those that can deliver more energy at less cost. Additionally,
electricity providers realize that the optimized dual-axis tracking with a
"square" daily power profile as provided by the RTS is best suited to address
the opportunities and challenges associated with grid integration of solar
with smart grid and storage applications.
"E.ON has tested the QBotix RTS for over a year and has evaluated the system's
ability to produce significantly more energy than fixed-tilt and single-axis
tracking systems," said Urban Keussen, Senior Vice President, Technology &
Innovation at E.ON SE. "E.ON is in the business of providing reliable, low
cost energy to our customers across several countries, and we believe the
QBotix RTS has great potential to reduce the levelized cost of energy (LCOE)
for commercial and utility-scale solar projects."
Today's announcement builds on the company's momentum for 2014. QBotix
recently announced successfully completing its $1 million U.S. Department of
Energy (DOE) SunShot Initiative award project and its first independent
engineering (IE) report. Fast Company recently recognized QBotix as one of the
world's top 10 most innovative companies in robotics, and QBotix announced a
45 MW supply agreement with UK-based developer Castillium.
Iberdrola Group, the largest electrical utility in Spain, and the world's
largest investor in renewable energy, also joined the round. Diego Diaz, Head
of Iberdrola's Corporate Venture Capital program said, "Iberdrola's venture
initiative, Inversiones Financieras Perseo, S.L., is growing its investment
activity in the US with a focus on partnering with start-up companies that are
changing the energy business. We are very excited to work with QBotix, as we
believe that the Robotic Tracking System is a revolutionary, highly efficient
technology that will contribute to significantly reduce the balance of system
costs in solar projects, and ultimately the levelized cost of energy in solar
QBotix has installed systems in U.S. and Japan, and is actively developing
additional projects in the U.S., Europe, Mexico, and Australia. QBotix will
use the funds to expand the team, accelerate manufacturing ramp-up and market
expansion. The company will be exhibiting at Intersolar Munich in June,
Intersolar San Francisco in July, and Solar Power International in Las Vegas
QBotix creates rugged, intelligent, mobile robots for their optimized tracker
system that dramatically improve project economics in the commercial and
utility-scale solar power plant sectors. Using the new paradigm of solar
robotics, the QBotix Robotic Tracking System™ (RTS) delivers project cost
savings up to 20%, high system reliability and flexibility of installation.
E.ON is one of the world's largest investor-owned power and gas companies. At
facilities across Europe, Russia, and North America, our more than 62,000
employees generated approx. EUR122 billion in sales in 2013. E.ON's
diversified business consists of renewables, conventional and decentralized
power generation, natural gas, energy trading, retail and distribution. With
our broad energy mix we own almost 50 GW of generation capacity and we are one
of the world's leading renewables companies. Since 2013 E.ON operates in
Brazil and Turkey together with partners. We supply around 35 million
customers with energy. In addition, our European power and gas companies serve
17 million grid customers.
About Iberdrola Group
Iberdrola is a private sector company with over 150-years of experience
dedicated to energy generation, security of supply, quality and innovation.
Since embarking on its growth and international expansion plan in 2001,
Iberdrola has become one of the five largest European energy utilities by
market capitalization, with a workforce of around 30,600 employees and nearly
32 million customers worldwide.
Iberdrola Group operates over 45,000 MW of generation capacity worldwide,
concentrated in its core markets of Spain, the UK, the US and Latin America.
Its balanced and diversified generation mix positions Iberdrola to meet
diverse energy parameters in the countries where it operates. Also, the
Group's commitment to environmentally friendly energy sources, with its
emissions 30% below the European energy sector average, has consolidated
Iberdrola as the world leader in renewable energies, with over 14,300 MW of
power capacity not including significant large-scale hydro which it also
operates or is developing in the UK, Spain and Brazil. It is currently
developing major offshore wind farms in the UK and Germany, as well as new
marine technology including wave and tidal power in the UK.
SOURCE QBotix Inc.
Contact: Paul Breslow, QBotix Inc., 650-521-0286, firstname.lastname@example.org
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