The acquisition will help Q CELLS in its expansion into the US solar + storage market beyond existing solutions in Europe and Australia
Q CELLS, a renowned total energy solutions provider in solar cell and module, energy storage, downstream project business and energy retail, announced today that it has signed an agreement to acquire a 100% stake in San Francisco-based energy storage solutions company Growing Energy Labs, Inc. (Geli). The transaction is subject to customary closing conditions, including regulatory approvals.
Geli’s end-to-end software platform streamlines the energy storage development process, offering the industry’s leading solution for design, automation, and management of Battery Energy Storage Systems (BESS). Geli’s products, powered by artificial intelligence, determine the optimal size of the BESS, and maximize the stacked revenue potential for customer deployments. Geli is a pioneer in advancing BESS deployments coupled with solar and EV charging infrastructure and co-optimizing these unique assets with any electricity tariff or load profile. Geli’s products leverage an advanced cloud architecture and Industrial IoT technologies that support scalability and extensibility across multiple geographies, market segments, and hardware solutions.
Q CELLS has already launched various integrated energy solutions globally, including in Europe and Australia. Q CELLS’ acquisition of Geli is its first of an energy storage solutions company and marks its entrance into the U.S. C&I distributed energy market. Leveraging Geli’s proprietary artificial intelligence technology for designing, automating, and managing energy storage systems, Q CELLS will be able to provide integrated energy solutions through packaged hardware and software capabilities (solar+storage).
“There is increasing demand in the energy storage space for comprehensive energy solutions. We are excited to welcome the Geli team and work together to strengthen our competitiveness in the global distributed energy market. Q CELLS and Geli’s combined capabilities will allow us to provide smart energy solutions to our customers and together we can unfold the next chapter towards a cleaner tomorrow.” Hee Cheul (Charles) Kim, CEO of Q CELLS said.
“We are excited to join forces with Q CELLS,” Dan Loflin, CEO of Geli said. “Q CELLS shares our vision of the transformative power of renewables and the Internet of Energy to make the planet a cleaner, better place to live. Combining with Q CELLS will accelerate Geli’s product roadmap and strategy, bringing greater value to all of our customers and partners in all of our markets.”
Source: Company Press Release