ENBALA Collects $7.4M as It Offers Alternative to Grid Storage Tech

Enbala Power Networks closed on $7.4 million in a still-open round, VentureWire has learned, as the company positions its technology as an alternative to expensive electric grid storage technologies like batteries.

The company’s technology helps shift power use on the grid by controlling industrial equipment of its customers. The Toronto-based company could respond to the needs on the grid in very short increments, and either have more power absorbed at a certain point in time when a wind farm, for example, generates excess power, or help release power by decreasing consumption by the assets it controls. It gets paid by a transmission operator or a utility and shares the revenue with the industrial owners of the equipment Enbala controls.

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