Energy Impact Partners (EIP) announced that it has closed a $10 million investment in Enchanted Rock (ERock), a leading provider of microgrid and energy reliability solutions for commercial and industrial customers.
The investment is the first institutional round of financing raised by ERock. It will be used to drive geographic expansion and accelerate deployments of the company’s On Demand Electric Reliability℠ product.
ERock installs, owns and operates natural gas gensets in microgrids at commercial and industrial sites, providing customers with highly reliable, ultra-clean, ultra-quiet backup power. The company then aggregates them into virtual power plants that deliver ancillary services to the grid, generating revenue to offset microgrid costs. The result is that ERock can supply power reliability at a small fraction of the price of installing a standard backup system.
"This transaction is another example of our investment model at work: backing companies with proven solutions and business models at the inflection point of their growth where our network can make a difference,” commented Hans Kobler, CEO and Managing Partner at EIP. “We are very pleased to partner with this innovative company.”
“The ERock team has come up with a creative solution to solving customer reliability concerns while generating revenues from power markets to keep costs low,” said Sameer Reddy, the Vice President at EIP who led the deal. “We have considerable confidence in this team’s ability to maintain its leadership in adapting to new technologies to meet the evolving needs of grid operators and commercial and industrial customers.”
"We are very excited to have EIP as a partner to help accelerate our reliability microgrid business, both in Texas and beyond,” added Thomas McAndrew, CEO of ERock. “We believe EIP’s significant expertise in our space is as important as the investment capital, and look forward to building relationships with EIP’s network of utility partners during this exciting, rapid growth phase.”
Energy Impact Partners | http://www.energyimpactpartners.com
Enchanted Rock | http://www.erockhold.com