Q CELLS, a total energy solutions provider in solar cell and module, energy storage, downstream project business and energy retail, has signed an agreement to acquire a 100% stake in San Francisco-based energy storage solutions company Growing Energy Labs Inc. (Geli). The transaction is subject to customary closing conditions, including regulatory approvals.
“There is increasing demand in the energy storage space for comprehensive energy solutions,” says Hee Cheul Kim, CEO of Q CELLS.
“We are excited to welcome the Geli team and work together to strengthen our competitiveness in the global distributed energy market. Q CELLS and Geli’s combined capabilities will allow us to provide smart energy solutions to our customers and together we can unfold the next chapter towards a cleaner tomorrow,” Kim adds.
Geli’s end-to-end software platform streamlines the energy storage development process, offering solutions for design, automation and management of battery energy storage systems (BESS). Geli’s products, powered by artificial intelligence, determine the optimal size of the BESS and maximize the stacked revenue potential for customer deployments.
Geli focuses on advancing BESS deployments coupled with solar and EV charging infrastructure and co-optimizing these unique assets with any electricity tariff or load profile. Geli’s products leverage advanced cloud architecture and industrial IoT technologies that support scalability and extensibility across multiple geographies, market segments and hardware solutions.
Q CELLS has already launched various integrated energy solutions globally, including in Europe and Australia. Q CELLS’ acquisition of Geli is its first of an energy storage solutions company and marks its entrance into the U.S.’ C&I distributed energy market. Leveraging Geli’s proprietary artificial intelligence technology for designing, automating and managing energy storage systems, Q CELLS will be able to provide integrated energy solutions through packaged hardware and software capabilities.
Photo: Q CELLS’ Residential web page