Leap Secures Follow-on Funding from Presidio Ventures
Leap, the leading virtual power plant (VPP) platform, today announced that it has secured additional equity financing from Presidio Ventures, bringing Leap's total B-EXT funding to $16M after a round announced in July 2023.
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"Leap has experienced rapid growth this year, surpassing 175,000 meters and over 975 megawatts of load on our VPP platform," said Leap Co-Founder and CEO Thomas Folker. "This latest boost of capital will allow us to scale our operations in support of our rapidly-expanding portfolio of technology partners."
Leap's software platform facilitates fast, automated access to energy markets for battery storage systems, electric vehicle (EV) charging, smart thermostats, building management systems and other distributed energy resources (DERs), making it easy for technology providers and operators to earn revenue in demand response and other grid services programs.
"We're committed to supporting the technologies of tomorrow to secure their place in the global market," said Seth Nishida at Presidio Ventures, the corporate venture capital arm of Sumitomo Corporation. "Leap is well-positioned to scale its innovative solution for maximizing the value of DERs in energy markets and accelerate the decarbonization of the world's electric grids."
Leap is the leading platform for generating new value from distributed energy resources (DERs) through integration with energy markets. Through its software-only solution, Leap facilitates fast, easy and automated access to high-value grid services revenue streams for the providers of batteries, electric vehicle charging, smart thermostats, HVAC systems and other flexible assets. By aggregating the DERs enrolled on its platform, Leap supplies virtual power plants (VPPs) to balance the grid. Leap enables its partners and their customers to unlock new value streams and help create a more flexible, resilient grid powered by renewable resources.