SAN FRANCISCO--(BUSINESS WIRE)--Equilibrium Energy, a next-generation clean power company, today officially emerged from stealth backed with $33M in venture funding from top tier institutional investors including Breakthrough Energy Ventures, Global Founders Capital, NJP Ventures, and a prominent university endowment. Founded in 2021, Equilibrium is combining its deep energy expertise and cutting-edge technology to build a Climate Generation power company, one that aims to accelerate society’s transition to clean energy.
The company recently announced the largest battery tolling agreement in Texas, a 100 megawatt (MW) battery it began operating last month on its state-of-the-art power volatility-centric technology platform.
Today’s generation will be defined by what it does in the fight against climate change. The fight is so large that it will require a nearly society-wide electrification powered by clean energy. The power grid is already the backbone of modern society, and now it must also serve as ground zero for the clean energy transformation. However, the sector is behind in the massive investment and innovation needed to enable the transition. Adding to the challenge is the complexity of managing an increasingly volatile power grid due to the exponential growth in renewable energy, the rapid increase in new electric loads like electric vehicles and heat pumps, and the continued escalation of extreme weather events. These factors are pushing the power industry into turmoil, a condition that threatens society’s ability to mitigate the worst of what climate change may bring.
Equilibrium is confronting these existential challenges by building a Climate Generation power company, one dedicated to the fight against climate change and tailor made to navigate the complexities ahead. To do so, Equilibrium is leveraging its unique combination of deep energy expertise, AI-centric technology, power grid fundamentals, and an innovation-obsessed culture.
Equilibrium’s first commercial efforts support the accelerated deployment of grid-scale batteries that balance an increasingly volatile power grid. Its first customer offering, tolling agreements for grid-scale battery developers offered in partnership with Hatch Renewables, provides the firm contractual offtake crucial for battery projects to gain much-needed project financing. Without such financing, widespread grid-scale battery deployments will struggle to be built. A similar financing innovation, the power purchase agreement (PPA), enabled the exponential growth of wind and solar deployments globally over the last few decades. Equilibrium’s tolling offering functions as a “PPA-for-batteries,” and the company expects that it will do for grid-scale batteries what the PPA did for wind and solar projects. In turn, the batteries Equilibrium manages will pave the way for ever more renewable deployments.
Equilibrium and Hatch recently announced the largest battery tolling agreement in Texas, a 100 MW battery owned by leading battery developer Jupiter Power. Equilibrium began operating the West Texas battery last month using its power volatility-centric technology platform, a state-of-the-art platform leveraging cutting-edge AI and power grid fundamentals that is tailor made to navigate the increasingly volatile power grid and markets.
“The climate crisis demands all that we can give. Equilibrium is building a next-generation power company to give just that. We have assembled a world class team that is building a company that the Climate Generation can be proud of, one that puts a serious dent in global carbon emissions,” said Ryan Hanley, Founder and CEO of Equilibrium Energy.
“Decarbonizing the grid is central to BEV’s mission,” said Carmichael Roberts, Breakthrough Energy Ventures (BEV). “At BEV, we’ve got experts in grid technology, markets, and policy within our organization, and we are convinced that Ryan and his team are incredibly well positioned to bridge across the traditionally siloed domains of electricity infrastructure, digital technology, power markets, and financing to solve some of the grid’s biggest challenges.”
Equilibrium Energy’s near-term focus is on supporting its battery developer partners in financing their fleets of grid-scale battery deployments in Texas. To learn more or inquire about joining Equilibrium’s growing team, visit their website at www.equilibriumenergy.com.
About Equilibrium Energy
Equilibrium Energy is building a Climate Generation power company to accelerate our path to climate and energy equilibriums. Founded in 2021, Equilibrium is combining deep energy expertise with cutting-edge technology to build a better power company. It operates at the intersection of AI, power systems, software, power volatility, innovative commercial structuring, and quantitative portfolio management across the power value chain. Equilibrium is composed of cross-disciplined experts and thrives on combining its experiences in holistic and novel ways in pursuing its climate impact ambitions. For additional information, please visit: www.equilibriumenergy.com.
About Breakthrough Energy Ventures
Backed by many of the world’s top business leaders, BEV has raised more than $2 billion in committed capital to support cutting-edge companies that are leading the world to net-zero emissions. BEV is a purpose-built investment firm that is seeking to invest, launch and scale global companies that will eliminate GHG emissions throughout the economy as soon as possible. BEV seeks true breakthroughs and is committed to supporting these entrepreneurs and companies by bringing to bear a unique combination of technical, operational, market and policy expertise.
BEV is a part of Breakthrough Energy, a network of investment vehicles, philanthropic programs, policy advocacy and other activities committed to scaling the technologies we need to reach net-zero emissions by 2050. Visit www.breakthroughenergy.org to learn more.