Battery storage firm raises $95m for commercial deployment at scale

Viridi expects its ‘Green Machine’ brand to meet the demands of the construction and heavy industrial markets, with its battery systems able to be configured to provide 50kWh to 5MW of distributed energy storage

Pathway to COP26 report

Viridi Parente has raised $94.6 million (£69m) in funding, marking the next step towards the company’s commercial deployment of point-of-use lithium-ion battery technology at scale.

The latest investment round was led by existing investor and entrepreneur B Thomas Golisano and included new investors Ashtead Group/Sunbelt Rentals and National Grid Partners.

Viridi expects its ‘Green Machine’ brand to meet the demands of the construction and heavy industrial markets, with its battery systems able to be configured to provide 50kWh to 5MW of distributed energy storage.

Jon M. Williams, Chairman and CEO, Viridi Parente said: “Point-of-use energy storage has the potential to more than double the delivered capacity of our entire energy transmission system without additional investment in new infrastructure. Passenger vehicles currently represent roughly 3% of the world’s total GDP. The majority of the innovation around this technology is focused on battery powered vehicles, however, technology designed for cars does not translate into other sectors of the economy where safety, resilience and cycle life are the leading design requirements.

“Viridi is developing safe, resilient and cost-effective point-of-use lithium-ion battery systems that will power the other 97% of our economy.”

Statistics from Bloomberg New Energy Finance (BNEF) suggest energy storage installations will reach more than 1GW-h by 2030 and will require more than $262 billion (£191bn) of investment, with around one quarter of installations to be located at homes and businesses.

Lisa Lambert, Chief Technology & Innovation Officer, National Grid and President & Founder, National Grid Partners added: “At National Grid, we know decarbonising transport is critical to achieving net zero.

“And while momentum’s been gaining in consumer cars and trucks, there’s not been nearly enough focus on industrial vehicles, which create significant amounts of greenhouse gases. National Grid Partners is excited to support the Viridi Parente team and we look forward to helping them seize this emerging market opportunity.”

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