Green Charge Receives Financing to Offer Energy-Storage Systems

Green Charge Networks, a provider of power-storage systems, is receiving a $10 million loan commitment from TIP Capital to offer its products to customers with no upfront costs.

Green Charge’s systems let users reduce their utility bills by drawing power from batteries instead of the grid during periods of peak demand, Brian Asparro, chief financial officer of the Santa Clara, California-based company, said in a telephone interview.

Customers pay a monthly fee for the equipment and will typically recoup those costs in energy savings over three to 10 years, Asparro said. The company’s systems use proprietary software to manage third-party batteries and inverters.

“We build the software that signals to the battery systems when to charge and discharge in order to reduce those main peaks,” Asparro said. “Think of us as an application provider on an iPhone.”

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