SYSO, a leading market operator of renewable energy and battery storage assets, announced the completion of its Series B funding round at $14.5 million.
This funding round was led by Kimmeridge, an alternative asset manager specializing in the energy sector, out of its Kimmeridge Carbon Solutions strategy (KCS), with participation from existing SYSO investor Lacuna Sustainable Investments. This funding round empowers SYSO to expand its offerings into new markets, while continuing to drive improved operational and financial outcomes for developers and independent power producers that are advancing the energy transition across the power sector.
SYSO offers various services, including forecasting, power market access, asset operation, asset optimization, trading, settlement, and virtual O&M. Since launching in 2019, SYSO established many partnerships with asset managers, developers, integrators, and IPPs. As a result, SYSO now manages over 2.5 GWs of assets across the ISO-NE, NYISO, PJM, MISO, ERCOT, CAISO and SPP markets.
Pierce Atwood served as the legal counsel for SYSO in this transaction, while Kimmeridge was represented by Reitler Kailas & Rosenblatt LLP.
KEY QUOTES:
“We are thrilled to welcome Kimmeridge as a new lead investor and have the continued support of Lacuna Sustainable Investments. This investment is a strong endorsement of our vision and strategy. It will allow us to rapidly grow our GWs under management, scale our operations, enhance our product offerings, and drive significant value for our clients in the rapidly evolving power market.”
- Chris Gosline, CEO of SYSO
“We are excited to partner with SYSO as they help battery owners navigate complicated dispatch strategies and regulatory requirements. SYSO has proven itself a trusted partner in the industry and reflects the strong management and business tailwinds that KCS seeks in its partnerships. This investment complements the current KCS portfolio, which has allocated capital across an array of compelling investments focused on decarbonization and energy transition.”
- Henry Makansi, Managing Partner and Co-Founder of Kimmeridge
