VCharge
Electric grid management technology for renewables intermittency.
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| N/A | €0.0 | round | |
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| Total Funding | 000k | ||
Founded in 2009 by George Baker, VCharge developed a technology platform to manage electric grid stability, addressing the challenge of renewable energy intermittency. The company's system uses advanced algorithms to balance grid requirements with the needs of individual users. It achieves this by remotely connecting and controlling distributed flexible electrical devices, such as electric vehicles, home batteries, and storage heaters, effectively creating a virtual power plant. This allows the system to respond to grid stress within seconds, manage demand during peak times, and adjust electricity flow to provide greater flexibility.
VCharge's business model focused on providing balancing and stabilization services to grid operators and other electricity market participants. By controlling electrical loads coupled with energy storage, the company could turn these assets into a cash flow source. For consumers, particularly in its initial applications, the technology controlled electric storage heaters in social housing to manage comfort and reduce energy costs. For example, the system could store heat in ceramic bricks or water tanks during off-peak hours and release it during peak times, saving homeowners money on heating bills.
A significant milestone for VCharge was the creation and operation of the world's largest aggregated residential "virtual battery" for the PJM Interconnection grid operator in the US, comprising thousands of electric thermal storage heaters. In February 2017, VCharge was acquired by UK energy company OVO. The acquisition was intended to accelerate VCharge's vision of aiding the global transition to 100% renewable energy and to integrate its technology into OVO's offerings, such as smart charging for electric vehicles and home energy storage solutions.
Keywords: grid balancing, energy storage, virtual power plant, demand response, smart grid technology, renewables integration, electric thermal storage, ancillary services, grid stabilization, flexible electrical devices, vehicle-to-grid, smart charging, V2G, energy management, frequency regulation, distributed energy resources, load management, OVO, renewables intermittency, energy technology