Green Charge Networks Explained

Green Charge Networks, LLC
Industry:	Energy storage
Location City:	Santa Clara, California
Location Country:	United States

Green Charge Networks LLC is an energy storage company based in Santa Clara, California. Founded in 2009, Green Charge uses predictive software to try to reduce peak demand charges for businesses.^[1]

Projects

The first pilot GreenStation reduction system was installed in July 2011 at a 7-Eleven in New York. GreenStation survived Hurricane Sandy. It has saved a 7-Eleven store 56 percent on their utility bills during New York's 2013 summer heat wave.^[2]

In March 2014, Green Charge announced that it had signed 1.5 MW of energy storage projects with 7-Eleven, Avis, Walgreens and others.^[3]

Funding

Green Charge received $12 million in a grant from the United States Department of Energy in 2011. The company received further funding from angel investor Richard Lowenthal, founder and CTO of car charging network ChargePoint, in December 2013.^[4] In March 2014, Green Charge received $10 million in financing from TIP Capital to finance energy storage projects for their customers with zero upfront cost.^[5] In July 2014, Green Charge secured $56 million in capital from K Road DG.^{[6] [7]}

In May 2016, Engie acquired an 80 percent stake in Green Charge.^[8]

Notes and References

1. Web site: Is Distributed Storage Coming to Your Neighborhood 7-Eleven? . 2022-08-01 . www.greentechmedia.com.
2. Web site: 2014-02-18 . Green Charge Networks Help Save Green . 2022-08-01 . Energy . en-US.
3. Web site: Businesses and Municipalities Look to Save Money Through Smart Grid Technologies . 2023-07-01 . PRWeb.
4. Web site: 2013-12-20 . DOE-Backed Distributed Storage Startup Receives First Angel Funding . 2023-07-01 . CleanTechIQ . en-US.
5. Web site: Kelly-Detwiler . Peter . Green Charge Networks: In Some Markets, Cost-Effective Energy Storage Is Already Here . 2023-07-01 . Forbes . en.
6. Web site: Clancy . Heather . Green Charge Networks Gets $56 Million Infusion . 2023-07-01 . Forbes . en.
7. Web site: Dorbian . Iris . 2014-07-30 . Green Charge bags $56 mln . 2023-07-01 . Venture Capital Journal . en-US.
8. News: St. John. Jeff. May 10, 2016. Behind-the-Meter Battery Acquisition: Engie Takes Majority Stake in Green Charge. Greentech Media. Massachusetts, United States.