Swell, a digital energy plant startup, raised $120 million in Collection B funding co-led by SoftBank Imaginative and prescient Fund and Greenbacker Growth Alternatives, the corporate solely tells Axios.
Why it issues: The deal is a reminder that SoftBank has the facility to single-handedly remake the local weather tech funding setting — simply because it did with tech — ought to it resolve to change into a extra lively investor within the business.
Particulars: SoftBank and Greenbacker each acquired board seats as a part of the all-equity spherical. Ares Administration Infrastructure Alternatives Fund additionally participated within the spherical. Swell CEO Suleman Khan declined to reveal the spherical’s valuation.
State of play: SoftBank has invested in local weather know-how corporations — albeit through smaller rounds — which can be primarily software program corporations with a local weather focus. Two examples are Raincoat and Readability AI.
- Swell is amongst Imaginative and prescient Fund 2’s bigger local weather tech bets and is extra squarely within the local weather tech house.
The way it works: Swell has three principal parts: a photo voltaic and battery venture growth arm, a client financing arm, and a digital energy plant enterprise.
- The financing arm will roll out broadly subsequent 12 months, Khan says, through two funds that may assist finance the initiatives utilizing funds generated from the corporate’s VPP contracts.
- It presently works with utilities in California, New York and Hawaii to promote again residential storage capability through software program that is ready to dispatch fleets of residential storage throughout peak utilization.