On the heels of a GTM Research report suggesting residential energy storage will become the norm in five years, JLM Energy announced it has received $25 million to jumpstart deployment of its module-level battery pack in the commercial and industrial (C&I) market.
The company says it will use the money to provide customers with the financing necessary to use its Phazr energy-storage platform starting in the third quarter of next year.
“This funding will enable our customers to immediately realize savings and achieve control over monthly utility expenses,” said Ardes Johnson, JLM’s vice president of strategic initiatives said.
Phazr is a module-level battery pack, which differentiates it from other C&I storage solutions. By taking this module level approach, the battery pack advances DC coupled storage applications by minimizing cost of design, installation, as well as operations and maintenance.
As pv magazine has reported, the National Renewable Energy Laboratories (NREL) did a study and found that 5 million commercial customers could save significant money in avoided demand charges by installing battery storage.
And GTM Research, in a report it did in conjunction with the Energy Storage Association, found that the C&I sector installed a significant percentage of behind-the-meter storage of the 32 MWh installed in the second quarter of the year, making it the biggest quarter for behind-the-meter storage in the previous nine months.
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.