California-based energy technology company JLM Energy announced on September 26 that it had secured $25 million to fund the deployment of energy projects and accelerate the adoption of its lithium iron phosphate based Phazr technology.
The money will be used to fund commercial energy storage projects of which JLM says they have five projects in the pipeline ready to start with this funding round, and expect the cash will fund around 30-35 projects in total.
Ellen Howe, VP marketing at JLM Energy, told ESJB that they expect to have additional rounds of funding from this source, and plan to announce other funding sources in the coming months.
JLM’s Phazr is specifically designed for the large-scale deployments in the commercial and industrial market, and operates with its patent pending Symmetric DC Regulation.
The technology, which can be plugged into the micro inverter and into the solar panel, enables it to send energy from the solar panel to the battery while concurrently sending part of it into the building for immediate use, or back to the grid (if it makes sense to net meter).
The basis of the product is the software, which once the project is installed allows the customer to optimizing energy use.
Howe, said: “It is an estimating tool where we plug in the tariff structure and 15-minute interval data to determine a how we can improve the users profile and shave demand, or solve other challenges. We also provide an estimated ROI timeframe on every quote.
“An additional advantage is, because it is plug-and-play, it reduces design and installation costs more so than any other product on the market today.”
The investment was arranged by GoldenSet Capital Partners as sub-advisor to the North Sky Alliance Fund II, with CohnReznick Capital advising JLM Energy. Everett Smith, managing partner of GoldenSet Capital, said distributed energy storage has become an attractive investment opportunity.
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