Ag Tech Investments News
Program to Finance $100 million in Cogeneration and Microgrid Projects.
CAMPBELL, Calif. — Concentric Power today announced a new program to finance $100 million in cogeneration and microgrid projects over the next two years. The program provides funding for projects ranging from $1 million to $40 million. This first-of-its-kind finance program extends Concentric’s position as an innovator in cogen and microgrid systems design, development and financing.
The new finance program, backed by an undisclosed institutional fund, supports Concentric’s 2018 line of products and services. Concentric now offers cogeneration, sustainable microgrid systems, and selected large scale solar and battery storage solutions. Concentric’s core cogen product line includes modules ranging in size from 400kW to 2.5 MW, which can be mixed and matched to achieve project capacity upwards of 20 MW or more. These technology elements plug into a bigger picture technology strategy built on Concentric’s network operations center (NOC) platform.
“We are excited to create a new path forward in energy infrastructure financing and development. Concentric Power can now finance and build the next generation of energy infrastructure for critical industries such as food and pharma,” said Brian Curtis, Founder and CEO, Concentric Power. “The next 20 years will be transformative for how electric power is generated and consumed. Industrial and ag consumers see these shifts coming, but would often rather invest capital in their core business rather than in plant utilities. Concentric’s technology strategy and finance program enable customers to utilize third party financing to roll out sustainable infrastructure.”
In 2017, Concentric launched a distributed software platform to monitor and control power systems in real-time. The Concentric NOC is designed to accommodate energy assets developed by Concentric as well as third parties. Through machine learning on an anonymous aggregated basis, NOC algorithms implement performance improvements across a fleet of assets. In addition, on a site-specific basis, the NOC allows customers to fully monetize the energy attributes of their systems.
“The NOC gives our customers a unique advantage by allowing them to highly utilize energy technologies at their site and capture the commercial value created,” said Chad Forrest, CFO, Concentric Power. “Couple the Concentric NOC capabilities with the new $100 million finance program and we start to make real positive impact on the grid at both the local and regional levels. The new funding covers capital costs including project development and installation, making it possible for facility operators to enjoy energy independence and lower costs without the upfront cash outlay.”
“With our modular approach, Concentric breaks the traditional mold for historically complex energy projects by standardizing software, hardware and contracts,” said Jamey Wyman, General Counsel, Concentric Power. “We have made efficiency of transactions, execution and power systems a saleable product. Detailed engineering and bankable underwriting are happy byproducts.”