Sawtelle-based installer of networked rooftop solar panel and battery systems Haven Energy Inc. has raised $40 million in series B financing.
The funding round announced Dec. 9 was led by London-based Giant Ventures and a debt facility provided by New York-based Turtle Hill Capital.
Haven Energy plans to use the proceeds from the financing to accelerate its partnerships with utility companies and community choice power providers, expand its leasing model and support the continued buildout of its virtual power plant network.
A virtual power plant works by coordinating hundreds of households with battery storage systems to put some of their stored electricity back onto the grid at times of high demand. Haven Energy now has a virtual power plant capable of placing more than 10 megawatts of electricity back onto the grid, enough to power between 500 and 1,000 single-family homes.
Battery systems that can put power back onto the grid are increasingly critical as the state transitions to renewable power sources such as wind and solar that cannot consistently be generated on a 24/7 basis. In fact, state leaders have recently said that battery storage systems have provided enough of a cushion to avoid rolling blackouts that last plagued portions of the state in 2020.
The funding will also support Haven Energy’s program where local third-party installers can offer Haven’s solar and battery systems directly to homeowners and integrate the installations into the company’s virtual power plant network.
“We’re in the midst of one of the largest energy buildouts in a generation, and the companies that can scale quickly will define it,” Giant Ventures co-founder Tommy Stadlen said.
Howard Fine
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