Younicos raises $50 million for expansion

With markets for battery storage opening up in a number of parts of the world, Younicos has secured capital to continue to grow into those markets. Younicos specializes in providing software for large scale grid connected battery storage, including optimizing solutions for solar diesel hybrid and also the provision of auxiliary grid services including frequency regulation.

Reports emerged last month that Japanese giant Panasonic was looking to take a stake in Younicos. The Younicos storage software offering is designed to be compatible with a range of large scale storage technologies.

“The signing of this investment round ignites the second stage of our growth plan,” said Younicos CEO James P. McDougall. “Following our successful reorganization at the beginning of the year, our new investors now strengthen us not only financially, but will also help us capture important market segments more rapidly with higher value, products and services.”

In July, Younicos announced that it would double its headcount by 2017, adding jobs in Germany and the U.S. It is also looking to open Asian operations, most likely in Singapore. Younicos claims to currently be working on a 4 GW project pipeline.

Both First Solar and Grupo ECOS pointed to the role of storage in facilitating higher levels of renewable penetration and its emergence as a asset class as being behind their investment in the Berlin-based firm.

“Younicos is a true trailblazer in grid-scale storage integration,” said Raffi Garabedian, First Solar’s CTO. “As the promise of storage continues to evolve, we are eager to understand how it will broaden our own power plant offerings.”

Grupo ECOS’ Ramon Candia added storage is a key market driver for renewables. “Our strong position and portfolio of renewable energy generation assets in Latin America can also provide an attractive business opportunity for Younicos’ services.”