GELI CLOSES $7 MILLION SERIES A INVESTMENT
San Francisco (April 18, 2016) – Geli, a leading supplier of software and networking solutions for the energy storage industry, today announced the completion of a $7 million Series A funding round led by a prominent clean energy investment office and Shell Technology Ventures. Shell Technology Ventures (STV), the venture division of globally integrated energy company Royal Dutch Shell (RDS.A), brings Geli into a growing portfolio of breakthrough clean tech companies.
Geli’s end-to-end software platform speeds time to market for OEMs and hardware integrators, accelerates the sales cycle for project developers, and provides assurance of system performance to host customers and financiers. The Series A funding will extend Geli’s engineering capacity to enable more hardware partnerships and keep pace with market demand. Geli will also continue to invest in its energy analytics capabilities for system design as well as monitoring and aggregation.
“Geli closing this investment round is validation of the pure-play software provider model for energy storage. We are excited to work with investors who bring deep knowledge and presence in international energy markets and understand the value of a software platform that can manage and optimize heterogeneous energy assets,” said Geli co-founder Ryan Wartena. “This is a crucial step in realizing our vision for an Internet of Energy.”
Dan Loflin, Geli’s current President and COO, will transition into the role of CEO. “Geli’s unique combination of vision, intellectual property, and business model focus is highly differentiated, and positions us as an ideal partner for leading project developers, integrators and OEMs alike” said Loflin. “With partners like Shell, we are enhancing Geli’s ability to accelerate the adoption and optimization of energy storage and transactive energy systems. I’m honored to be a part of this exceptional team.” Loflin brings extensive experience in renewable energy and scaling software companies and has held executive roles at Locus Energy, IBM Software Group, Trigo Technologies, and McKinsey & Co.
Wartena, who most recently served as company CEO, will assume the role of President. He will focus on key product, business development, and strategy initiatives to keep the company at the forefront of industry innovation and true to the founders’ vision of a world running on renewable energy.
“We see significant potential for an independent software technology platform to enable growth in the energy storage systems market, and are excited to be partnering with the leader in this space,” said Geert van de Wouw, Managing Director of STV. “Geli’s products are unique in their ability to scale from residential to utility applications, and across various types of energy assets. Shell is exploring opportunities to implement Geli-enabled solutions across its own assets and those of our customers.”
Geli has been consistently recognized as an industry leader. Recent awards include:
- The 2015 Energy Storage North America Innovation award for its work with BMW to integrate second-life electric vehicle batteries and provide multiple energy services
- Inclusion in the Global Cleantech 100, an elite group of companies selected by industry experts from 11,000 nominations as having the most promising ideas in cleantech
- A multi-million dollar ARPA-e NODES grant to control more than 100 disparate energy assets and demonstrate an automated transactive energy market