News | Sustainable Solutions | Jul 19th 2022
Vitol invests in energy storage solutions provider FlexGen
Critical technology will underpin rollout of renewables globally
Vitol has become an anchor investor in FlexGen Power Systems Inc., a leading integration services and software technology provider for energy storage solutions globally, as part of FlexGen’s latest $100 million Series C investment round.
As electricity generation from renewables is intermittent, sophisticated power storage mechanisms will be critical in ensuring consumers have stable and reliable access to power, even as the proportion of generation from renewable resources increases.
FlexGen’s proprietary energy management software platform, HybridOS, allows energy storage owners to deploy various power market strategies and combine storage solutions with any form of generation. The integration of energy storage requires software and technological solutions that play a critical role in the adoption of renewables at scale—offsetting the intermittency and reliability challenges that renewable power generation creates for the grid. Since its founding in 2009, FlexGen has installed over 3 GWh of energy storage systems across the U.S. for utility, microgrid, and C&I customers.
“We will not reach our carbon reduction targets without energy storage, which addresses the intermittency of renewables generation and helps to create a more stable grid for the future. FlexGen is the leader in energy storage solutions and we look forward to supporting the company’s international expansion through our global footprint, as well as providing battery optimization solutions for FlexGen’s customers,” said R. Andrew de Pass, Head of Renewables, Vitol Inc.
“We are excited to have Vitol join our existing investors to help power our continued growth. It is clearer than ever that the future of energy relies on energy storage that is cost-effective, safe, and easy to manage.” said Kelcy Pegler, CEO of FlexGen. “We are laser-focused on delivering the industry’s best software and integration services to our valued clients.”
About Vitol
Vitol is a leader in the energy sector with a presence across the spectrum: from oil through to power, renewables and carbon. It trades 7.6 million barrels per day of crude oil and products, and charters circa 6,200 ship voyages every year.
Vitol’s clients include national oil companies, multinationals, leading industrial companies and utilities. Founded in Rotterdam in 1966, today Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including: 16 m m3 of storage globally, 500 k b/d of refining capacity, over 6,800 service stations and a growing portfolio of transitional and renewable energy assets. Revenues in 2021 were $279 billion.
About FlexGen Power Systems, Inc.
Based in Durham, N.C., FlexGen is a leading integration services and software technology provider for energy storage solutions in the United States and globally. FlexGen designs and integrates storage solutions and the software platform that is enabling today’s energy transition. Leveraging its best-in-class energy management software and power electronics, FlexGen delivers utility-scale storage projects integrated with traditional and renewable power generation globally. Our clients and partners include the most technically and commercially demanding developers, utilities, government agencies and industrial companies in the world. To learn more, please visit www.flexgen.com