HERNDON, Va.--(BUSINESS WIRE)--Greensmith Energy, one of the largest providers of energy storage software and integration services, today announced that the company has been awarded a total of 63 megawatts (MW) in new orders in 2016 and is on track to install over 100 MW of energy storage by the end of the year. According to Greentech Media, the U.S. storage market grew 243% in 2015 and is projected to surpass the 1 gigawatt mark in 2019, and by 2020 it will be a 1.7 gigawatt market valued at $2.5 billion.
Greensmith has demonstrated significant gains over the last two years after delivering over 70 megawatts of energy storage installed across a variety of markets and applications including frequency regulation, renewables smoothing, distribution investment deferral, capacity and microgrid. The company’s growth continues into 2016 after completing an $18 million series C raise anchored by AEP and E.ON in 2015. The company is also launching a Managed Services offering for energy storage system optimization as well as a behind-the-meter product family targeted to microgrid and commercial and industrial applications.
“Greensmith has always focused on developing and delivering the best energy storage technology and software to a growing industry,” said John Jung, President and CEO. “The successful execution of this strategy has brought tremendous growth to the company in both grid-scale and behind-the-meter business. Beyond the cumulative megawatts delivered, Greensmith continues to invest in software innovation and integration capacity to serve a growing number of the largest power companies in the world. It is clear that 2016 is a momentous year for Greensmith and the energy storage industry as whole.”
Greensmith is leveraging its frequency response capabilities and algorithms developed for the U.S. market to actively pursue multiple project opportunities with developers, IPPs and EPCs in both the UK and Germany. In recent research conducted by IHS Research, IHS notes that Europe will contribute to one-third of energy storage installations this year—with a projected total of 300 MW expected to be installed. Furthermore, Germany, the UK, and Italy are estimated to make up 90% of all projects in Europe.
About Greensmith:
As the leading provider of energy storage software and integration services, Greensmith's mission is to make energy storage a fundamental part of a cleaner, more intelligent and distributed energy infrastructure. Now in its fifth generation, Greensmith's GEMS software platform optimizes the performance of energy storage by lowering costs and maximizing system return on investment throughout life. In 2014, Greensmith delivered over one-third of all energy storage capacity installed in the United States and in 2015, was selected as the fastest growing energy storage company by Inc 5000 and Deloitte Fast500. GEMS is currently used by more than 20 major customers globally on both sides of the meter. Learn more at www.greensmithenergy.com.
