Funding and M&A Roundup: Swell Energy Raises $120 Million for Virtual Power Plants
UgoWork secures financing for its energy-as-a-service platform
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Swell Energy, a provider of virtual power plant (VPP) programs for homeowners and businesses, raised $120 million to accelerate the deployment of its offerings across the United States. SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund I led the investment round with participation from the Ares Infrastructure Opportunities Fund and Ontario Power Generation Pension Fund. Swell Energy plans to utilize the proceeds to develop 600 MWh of VPPs by deploying and aggregating 26,000 energy storage systems located at homes and businesses.
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Arjun Pradeep
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