Viridity Energy
Viridity Energy, a smart grid company that transforms large energy consumers into virtual energy generators.
| Date | Investors | Amount | Round |
|---|---|---|---|
| N/A | €0.0 | round | |
| investor investor | €0.0 | round | |
| investor | €0.0 | round | |
| investor | €0.0 | round | |
| investor | €0.0 | round | |
$35.0m Valuation: $35.0m | Acquisition | ||
| Total Funding | 000k | ||
Viridity Energy, founded in 2008 by former executives of PJM Interconnection, including Audrey Zibelman, previously operated as a demand response and energy management software provider. The Philadelphia-based firm was established to equip large energy consumers with tools to enhance energy efficiency and generate revenue from their energy assets.
The company's core offering was the VPower™ software platform, a system designed to aggregate and optimize diverse energy resources, effectively creating virtual power plants. This platform enabled clients, which included large energy users, retail energy providers, and utilities, to monetize and manage demand response, energy management, and energy storage. VPower™ forecasted market power prices and used peak-shaving algorithms to automate the real-time sale of load flexibility in wholesale electricity markets. This functionality allowed users to factor in the complexities of their asset portfolios for optimized value. The software was also white-labeled to major energy retailers like Constellation, ConEdison Solutions, and Engie Resources.
A significant milestone for Viridity Energy was its acquisition by Ormat Technologies in a deal announced in January 2017 and closed in March 2017. Ormat, a company specializing in geothermal and recovered energy generation, acquired Viridity for an initial cash consideration of $35 million, with potential for additional payments based on performance milestones. The acquisition marked Ormat's strategic entry into the energy storage and demand response markets, aiming to leverage Viridity's platform to expand its market presence. Following the acquisition, Viridity Energy was integrated into a newly formed, wholly-owned subsidiary of Ormat named Viridity Energy Solutions Inc., but continued to operate under its own name and management in Philadelphia.
Keywords: demand response, energy management, virtual power plants, energy storage software, VPower platform, load aggregation, smart grid, energy optimization, retail energy providers, wholesale electricity markets, peak shaving, Audrey Zibelman, Ormat Technologies, energy asset monetization, clean tech, grid services, energy efficiency, demand side management, battery storage solutions, regenerative braking