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Flugel Ventures Successfully Exits Investment in a Battery Energy Storage Company
NEW YORK, NY, UNITED STATES, May 21, 2024 /EINPresswire.com/ -- Flugel Ventures, LLC, an early-stage venture capital firm, announces the sale of a battery energy storage system (BESS) development company to a subsidiary of Ormat Technologies, Inc. (Ormat), marking a successful exit from its investment which provided a compelling return on invested capital. The sale closed in December 2020; the financial terms of the transaction were not disclosed. Ormat has since constructed and commissioned the BESS for operation in the wholesale markets.
Battery energy storage systems (BESS) offer a range of benefits, including grid stabilization, renewable energy integration, and load management, making them a crucial component of the clean energy transition. The exit occurred after several years of strategic support from Flugel Ventures’ founder and managing partner Aleksey Krylov, who played a pivotal role in the development of the battery energy storage development company.
Flugel Ventures seed-funded the development company, later renamed Ftera Energy APD Flemington LLC, which supported the advancement of New Jersey’s clean and reliable energy infrastructure. Krylov, stated, “We were proud to pass on the baton of developing the project to Ormat. They have a long track record of building, owning and operating complex geothermal projects globally and energy storage projects primarily within the United States. And I am very happy to see this project contributing to the Hunterdon County community’s sustainable future.”
Since commencing commercial operations in February 2024, the BESS has been providing frequency regulation / ancillary services for the power grid in New Jersey and the surrounding states within the PJM.
Kyle Snyder, vice president of business development at Ormat Energy Storage, said, “We are delighted to announce the commencement of operations of the East Flemington energy storage facility. This achievement highlights Ormat’s capabilities in developing and operating utility-scale energy storage assets in key U.S. markets.”
About Flugel Ventures LLC
Flugel Ventures, LLC is a venture capital firm focused on early-stage investments in innovation-driven startups. Flugel opportunistically invests across Healthcare, Technology, Industrial Manufacturing, Education, Clean Power/Clean Energy and B2B Services businesses, where the team’s leadership, expertise and execution capabilities can accelerate top-line growth or strategic value inflection. For more information, please visit www.flugelventures.com or connect with us on LinkedIn.
Battery energy storage systems (BESS) offer a range of benefits, including grid stabilization, renewable energy integration, and load management, making them a crucial component of the clean energy transition. The exit occurred after several years of strategic support from Flugel Ventures’ founder and managing partner Aleksey Krylov, who played a pivotal role in the development of the battery energy storage development company.
Flugel Ventures seed-funded the development company, later renamed Ftera Energy APD Flemington LLC, which supported the advancement of New Jersey’s clean and reliable energy infrastructure. Krylov, stated, “We were proud to pass on the baton of developing the project to Ormat. They have a long track record of building, owning and operating complex geothermal projects globally and energy storage projects primarily within the United States. And I am very happy to see this project contributing to the Hunterdon County community’s sustainable future.”
Since commencing commercial operations in February 2024, the BESS has been providing frequency regulation / ancillary services for the power grid in New Jersey and the surrounding states within the PJM.
Kyle Snyder, vice president of business development at Ormat Energy Storage, said, “We are delighted to announce the commencement of operations of the East Flemington energy storage facility. This achievement highlights Ormat’s capabilities in developing and operating utility-scale energy storage assets in key U.S. markets.”
About Flugel Ventures LLC
Flugel Ventures, LLC is a venture capital firm focused on early-stage investments in innovation-driven startups. Flugel opportunistically invests across Healthcare, Technology, Industrial Manufacturing, Education, Clean Power/Clean Energy and B2B Services businesses, where the team’s leadership, expertise and execution capabilities can accelerate top-line growth or strategic value inflection. For more information, please visit www.flugelventures.com or connect with us on LinkedIn.
Aleksey Krylov
Flugel Ventures
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