Leap, a California-based software provider, has raised $12 million in equity investments. The company offers a platform that aggregates distributed energy resources (DER), such as home batteries, into virtual power plants (VPPs). Through integration with smart meters, Leap enables access to energy markets and helps grid operators handle peak electricity demand.
In 2021, Leap added over 288MW of flexible power assets to California’s grid, assisting the California Independent System Operator (CAISO) in managing peak demand. During a heatwave in June of that year, the company dispatched 375MWh of energy from 215MW of assets under its management.
Leap collaborates with various manufacturers, including those of battery storage systems, electric vehicle chargers, heat pumps, smart thermostats, and building management systems. By using Leap’s platform, customers can participate in demand response and other grid services markets.
The recent funding round was led by tech investment group Standard Investment, with participation from DNV Ventures and Sustainable Future Ventures. Existing investors, including National Grid Partners and other venture capitalists, also contributed to the funding.
Leap has connected over 70,000 customer meters to its platform across the United States. The company has partnered with smart home energy solution provider Lumin and has strategic alliances with DER industry leaders Sunrun and Stem Inc.
The CEO of Leap, Thomas Folker, stated that the new funding will be used to enhance the platform, expand the network of technology partners, and extend the company’s presence in different geographical locations. Folker emphasized the importance of clean and flexible capacity to balance strained power grids.
Logan Ashcraft, representing lead investor Standard Investments, praised Leap’s ability to monetize various DER assets, calling the company a “market maker.” Ashcraft has also joined Leap’s Board of Directors.
In a separate development, Leap received debt funding from Silicon Valley Bank, which later faced financial difficulties. However, Leap assured that it had taken necessary steps to maintain its operations and did not foresee any significant impact on its business due to the bank’s collapse.
Leap, a California-based software provider, has raised $12 million in equity investments. The company offers a platform that aggregates distributed energy resources (DER), such as home batteries, into virtual power plants (VPPs). Through integration with smart meters, Leap enables access to energy markets and helps grid operators handle peak electricity demand.
Leap has connected over 70,000 customer meters to its platform across the United States. The company has partnered with smart home energy solution provider Lumin and has strategic alliances with DER industry leaders Sunrun and Stem Inc.
The recent funding round was led by tech investment group Standard Investment, with participation from DNV Ventures and Sustainable Future Ventures. Existing investors, including National Grid Partners and other venture capitalists, also contributed to the funding.
Leap’s CEO, Thomas Folker, stated that the new funding will be used to enhance the platform, expand the network of technology partners, and extend the company’s presence in different geographical locations. Folker emphasized the importance of clean and flexible capacity to balance strained power grids.
Logan Ashcraft, representing lead investor Standard Investments, praised Leap’s ability to monetize various DER assets, calling the company a “market maker.” Ashcraft has also joined Leap’s Board of Directors.
In a separate development, Leap received debt funding from Silicon Valley Bank, which later faced financial difficulties. However, Leap assured that it had taken necessary steps to maintain its operations and did not foresee any significant impact on its business due to the bank’s collapse.
