Equilibrium Energy—a technology company building a next-generation clean power company—announced market entry into California and signed new battery tolls with top-tier developer Ormat. The company also closed a $39 million Series B venture fundraising led by DCVC and including top-tier institutional investors Breakthrough Energy Ventures and Valo Ventures. This new funding builds on the company’s $30 million Series A financing led by Breakthrough Energy Ventures in 2022 and will support the continued build-out of Equilibrium’s industry-leading power volatility management platform and the growth of its commercial businesses.
Equilibrium has continued growing its battery tolling portfolio by adding two more full offtake tolls with renewable energy developer Ormat. In 2025, Equilibrium will take over operations of two 60 MW/120MWh Ormat projects in ERCOT.
The company also recently expanded into the California power market with its signing of an offtake toll for a 40MW/40MWh operating battery in July. And overall, Equilibrium now has 260MW / 380MWh of contracted battery tolls across ERCOT and CAISO. The company continues building its operational portfolio via its 6GW and growing battery tolling pipeline.
The company started operating its first grid-scale battery in Texas in 2023. EQ has topped the industry’s ERCOT battery management performance in just six months for grid-scale 1-hour batteries. This year, Equilibrium has earned more revenue per MW than any other similarly sized grid-scale battery in Texas. Equilibrium’s leading performance leverages its unique combination of software, ML techniques, grid fundamental modeling, and its innovative flywheel and culture. Equilibrium is beginning to work with other battery portfolio owners to leverage Equilibrium’s management capabilities in their portfolios.
With the Series B funding round, Equilibrium also welcomed new additions to its executive team. Kevin McEntee, former head of engineering at Netflix, joins as Head of Engineering. Jeffrey Woods, former Head of Strategy at JPMorgan Chase and CFO for Global Investment Banking, joins as Head of Finance and Operations. Jace Kohlmeier, former founder and head of Citadel’s high frequency trading desk, joins as Head of Trading. Caitlin Walsh, former Managing Director of Canada Pension Plan Investment Board’s Growth Equity team, joins as Head of Capital Markets.
KEY QUOTES:
“We designed Equilibrium to navigate an increasingly volatile electricity market and industry with the mission of putting a major dent in carbon emissions. We’ve only just started our journey, but we’ve been thrilled to work so closely with an amazing set of inventors, customers, and partners, each of which have impressive climate-fighting ambitions of their own.”
-Ryan Hanley, Founder and CEO of Equilibrium Energy
“As the power industry continues to transition to clean energy in the face of climate change, we expect a new class of power companies will be necessary to support society’s march towards net zero. We are impressed with Equilibrium’s first principles approach to building such a next-generation power company, one designed from the ground up to fight climate change. We’re optimistic about their prospects to bend the climate curve, and excited about their impressive and growing commercial traction.”
-Rachel Slaybaugh, Partner at DCVC
“The most valuable power companies in the future will be those that deliver customers the lowest cost, most reliable and scalable carbon free energy. The trajectory of electricity demand growth on the grid, coupled by the exponential growth in renewable energy resources, is creating unprecedented volatility, risk, and opportunity. Equilibrium has built the most sophisticated technology platform to orchestrate network-wide optimization of grid-scale flexible resources to manage this volatility and enable corporate customers and power company partners to confidently accelerate their transition to low cost, carbon free energy.”
-Scott Tierney, Managing Partner at Valo Ventures
