Sunverge Raises $36.5 Million for Energy-Storage Technologyby
Sunverge Energy Inc., a U.S. provider of energy-storage and management systems, raised $36.5 million in a series C funding round led by the Australian power retailer AGL Energy Ltd.
AGL, a new investor, joined existing backers including venture capital units of Siemens AG and Total SA, San Francisco-based Sunverge said in a statement Tuesday. AGL also agreed to be Sunverge’s exclusive sales partner in Australia.
The financing comes as utilities and power providers are increasingly looking at batteries and energy-management systems that let them store excess solar electricity and then discharge it after sundown. The market for distributed solar and storage systems is expected to be worth $8 billion in 2026, according to Lux Research.