January 17 (Renewables Now) - Privately-owned company Leap has raised USD 8.2 million (EUR 7.4m) in new capital to finance the expansion of its distributed energy exchange.
Leap's application programming interface (API) provides energy resources such as battery energy storage, electric vehicles and heating, ventilation and air conditioning (HVAC) systems with access to global demand response programmes, wholesale markets and real-time pricing. Through Leap's marketplace, cloud-connected sources of load earn revenue by helping to balance the power grid.
New York-based Union Square Ventures (USV) led the company's Series A funding round. This is the venture capital (VC) firm's first energy sector investment.
Existing investors, including VC firm Congruent Ventures, National Grid Partners, the venture investment and innovation arm of National Grid plc (LON:NG), Powerhouse Ventures, Elemental Excelerator and FJ Labs, also contributed to the funding round. Silicon Valley Bank provided the debt portion of the capital increase.
The new capital brings Leap's total funding to about USD 11 million. The company will use the funds to grow its operations in new markets and industries and help expand its US and Dutch teams.
(USD 1.0 = EUR 0.898)