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Varentec, a cleantech based company raises $5 million to commence the deployment of distributed intelligence grid in edge distribution method
Fremont, CA: Varentec, a cleantech startup partnered by Bill Gates and Khosla Ventures, secures $5 million in growth and development funding for the commencement of the new commercial applications of its grid edge control technology. The funding round was presided over by WindSail Capital Group, a Boston-based investment firm focused on innovations in energy and sustainability.
Since its conception in 2002 by Andrew Dillon, Deepak Divan, and Mehrdad Hamadani, Varentec develops highly-advanced power electronic systems for the electric grid and industrial applications. Bill Gates and Khosla Ventures fund the San Jose, California-based Varentec, it is also the recipient of support from the Department of Energy. Smart power delivery means breaking the code, adopting new approaches, and pushing through old barriers. High performance at a lower cost, more compact, and greater versatility in solution design, Varentec does not believe that innovation must carry a significant cost increase.
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“With the strength and long-term commitment of WindSail Capital, we will accelerate adoption of our proven Grid Edge Control solution, which went live at scale with two leading utilities this year,” declared Guillaume Dufossé, Chairman and CEO of Varentec. “Together with our customers, we will establish distributed intelligence as mainstream through utility-owned, decentralized control solutions.”
“Varentec stood out for their relentless focus on their customers, which include major investor-owned electric utilities. We are pleased to invest our support as the industry recognizes Varentec’s Grid Edge Control solution as a key building block in grid modernization,” commented WindSail Capital’s Managing Director, Michael Rand. “WindSail firmly believes in how Varentec empowers utilities to unlock untapped energy savings, reduce peak demand, and integrate distributed energy resources.”
Varentec introduces intelligence and dynamic control to the grid through its Edge of Network Grid Optimization (ENGO) hardware and Grid Edge Management System (GEMS) software. This unique Grid Edge Control solution integrates standard grid modernization systems, and enhances energy savings, and boosts up the DER hosting capacity. Initially funded by Bill Gates, Khosla Ventures, and 3M, Varentec is a dedicated firm that has pledged to deliver the distributed intelligence through utility-owned, ubiquitous, and cybersecurity hardware and software grid control solutions.
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