FirstSolar Joins Consortium of Investors in Energy Storage Provider

Younicos recently signed agreements for $50 million in growth capital to further scale its deployment of intelligent energy storage solutions.

The company said on Dec. 8 that the funding comes from a consortium of investors that includes First Solar and Grupo ECOS.

“The signing of this investment round ignites the second stage of our growth plan,” Younicos CEO James McDougall said in a statement. “Following our successful reorganization at the beginning of the year, our new investors now strengthen us not only financially, but will also help us capture important market segments more rapidly with higher value products and services.”

According to GTM Research, the funding represents the largest investment in a technology independent energy storage provider in 2015.

Raffi Garabedian, First Solar’s Chief Technology Officer, called Younicos a “true trailblazer in grid-scale storage integration.”

“As the promise of storage continues to evolve, we are eager to understand how it will broaden our own power plant offerings,” he said.

Younicos in September introduced its first hardware product – the Y.Cube. Available in 250 kVA or 500 kVA modular building blocks, the Y.Cube can be deployed individually in smaller applications or combined to create multi-megawatt systems.

Lead image credit: Younicos.

 

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