Concentric Power has launched a new programme to finance $100m in cogeneration and microgrid projects in the next two years.
Energy Infrastructure news site reports that the programme provides funding for projects ranging from $1m to $40m.
The programme, backed by an undisclosed institutional fund, supports Concentric’s offers on cogeneration, sustainable microgrid systems, and selected large scale solar and battery storage solutions.
Concentric’s core cogen product line includes modules ranging in size from 400kW to 2.5 MW, which can be mixed and matched to achieve project capacity upwards of 20MW or more. These technology elements plug into a bigger picture technology strategy built on Concentric’s network operations center (NOC) platform.
Concentric Power founder and CEO Brian Curtis (right) said: “We are excited to create a new path forward in energy infrastructure financing and development. Concentric Power can now finance and build the next generation of energy infrastructure for critical industries such as food and pharma.
“The next 20 years will be transformative for how electric power is generated and consumed. Industrial and ag consumers see these shifts coming, but would often rather invest capital in their core business rather than in plant utilities. Concentric’s technology strategy and finance program enable customers to utilize third party financing to roll out sustainable infrastructure.”
In 2017, Concentric launched a distributed software platform to monitor and control power systems in real-time. The Concentric NOC is designed to accommodate energy assets developed by Concentric as well as third parties.
Through machine learning on an anonymous aggregated basis, NOC algorithms implement performance improvements across a fleet of assets. In addition, on a site-specific basis, the NOC allows customers to fully monetize the energy attributes of their systems.
Concentric Power chief financial officer Chad Forrest said: “The NOC gives our customers a unique advantage by allowing them to highly utilize energy technologies at their site and capture the commercial value created.
“Couple the Concentric NOC capabilities with the new $100m finance program and we start to make real positive impact on the grid at both the local and regional levels. The new funding covers capital costs including project development and installation, making it possible for facility operators to enjoy energy independence and lower costs without the upfront cash outlay.”
Concentric Power fulfilling an essential need for modern agriculture