JLM Energy secures USD 25m for distributed energy storage

Published Sep 27, 2017 10:49 CEST
Author Ivan Shumkov

Sep 27 (Renewables Now) – JLM Energy, a renewable energy technology company that offers energy use optimisation software, said on Tuesday it has obtained USD 25 million (EUR 21m) in financing for distributed energy storage projects.

The funding will help the company step up the adoption of its Phazr distributed energy storage platform that is designed for large-scale deployments in the Commercial & Industrial (C&I) markets.

Phazr represents a battery pack installed behind a solar panel using the same racking. JLM says that this solution is capable of advancing direct current (DC) coupled storage applications by minimizing cost of design, installation and operations and maintenance (O&M).

The investment was arranged by GoldenSet Capital Partners, which served as a subadvisor to the North Sky Alliance Fund II. In turn, CohnReznick Capital acted as the advisor to JLM Energy in this transaction.

(USD 1.0 = EUR 0.851)