JLM Energy, a California-based renewable energy technology company, has announced it secured $25 million to finance distributed energy storage projects for commercial and industrial (C&I) customers.
The investment was arranged by GoldenSet Capital Partners as subadvisor to the North Sky Alliance Fund II. CohnReznick Capital was the advisor to JLM Energy in this transaction.
This funding will finance deployment of energy services and accelerate the adoption of JLM’s Phazr, a distributed energy storage platform specifically designed for the large-scale deployments in the C&I market. By taking this module-level approach, Phazr is able to advance DC-coupled storage applications by minimizing cost of design, installation, as well as operations and maintenance, according to the company. Operating with its patent-pending Symmetric DC Regulation, JLM claims it is able to maximize solar generation to provide an optimized solution.
Ardes Johnson, JLM’s vice president of strategic initiatives, says, “This funding will enable our customers to immediately realize savings and achieve control over monthly utility expenses.”
Available customer finance options include energy as a service and standard loan options for a monthly payment that JLM claims is substantially lower than the savings provided by the system. The facility is expected to be fully committed by the third quarter of 2018.
“Distributed energy storage is an attractive investment opportunity for GoldenSet in which we can mitigate risk while helping experienced and innovative partners like JLM capture the accelerating opportunities of a quickly evolving landscape,” says Everett Smith, managing partner of GoldenSet Capital.
Photo: The JLM Energy Phazr battery pack sits directly behind the solar panel.