K Road DG is providing $56 million in funding and strategic management assistance to Green Charge Networks to support deployment of the latter's GreenStation energy storage systems under so-called Power Efficiency Agreements (PEAs).
Under a PEA, Green Charge owns and operates the energy storage assets deployed at customer sites while providing the customer with energy services enabled by on-site storage, such as backup power and peak shaving.
Green Charge hopes the PEA financing model will enable it to serve the broadest cross section of the energy storage market.
‘Power efficiency is the next frontier in energy savings,’ says Vic Shao, CEO of Green Charge. ‘We plan to leverage the alliance and financing from K Road DG to scale our company's deployments and continue our customer-centric innovations.’