German utility E.On invests in energy storage firm Greensmith

E.ON

Energy storage software and integration firm Greensmith said German-based power utility E.On has invested in its Series C round of growth financing.

The additional investment brings Greensmith’s total Series C round to $18.3 million, including a previous $5 million strategic investment from American Electric Power (AEP).

Greensmith plans to use the financing to expand commercial and technology delivery operations to leverage pipeline acceleration and to advance its GEMS energy storage software platform. The financing, along with the new relationship with E.On, will also help Greensmith exploit a growing European energy storage market.

E.On, an international privately-owned energy supplier with revenues of about $123 billion, serves more than 33 million customers in Europe, Russia, North America and Turkey.

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