Altira Participates in FlexGen Power Systems’ $100-Million Series C Round
DENVER–(BUSINESS WIRE)–Altira Group LLC, (“Altira”) an energy venture capital firm headquartered in Denver, today announced its participation in the recent Series C multi-investor funding round for its North Carolina-based portfolio company FlexGen Power Systems, Inc. (“FlexGen”). Altira invested from Altira Technology Fund VI L.P. and through a separate special purpose vehicle (SPV) for current investors, alongside other current and new investors.
FlexGen is a leading integration and software technology provider that delivers utility-scale energy storage projects integrated with traditional and renewable power generation. Since its founding in 2009, FlexGen has installed more than 3 GWh of energy storage systems across the U.S. for utility, microgrid, and commercial and industrial customers.
“FlexGen is advantaged by having over a decade of experience in the energy storage space. Altira has been an important partner and investor since our Series A and we are excited to continue our growth with them,” said FlexGen CEO Kelcy Pegler.
“Since leading the Series A investment in FlexGen in 2015, we have watched the company mature into a cutting-edge energy storage leader,” said Dirk McDermott, partner at Altira Group and FlexGen board member. “Our congratulations go to FlexGen CEO Kelcy Pegler and the FlexGen team for securing this major funding to continue the company’s rapid growth in integrating storage projects and battery optimization solutions worldwide.”
“Altira backs energy technology innovators bringing customer-ready technologies to market that advance the global energy industry through the eyes of our oil and gas strategic partners,” said Altira Principal and Board Observer J.P. Bauman.
Cooley served as legal counsel for Altira Group. DLA Piper LLP acted as legal counsel, and Citi acted as sole placement agent to FlexGen.
About Altira Group
Altira is a Denver-based tenured venture capital firm that has been investing in next generation technology companies in the energy space since 1996. We partner with a select group of U.S oil and gas companies who invest in our fund and help compress our portfolio companies’ market adoption cycles by being early customers. For further information please visit altiragroup.com.
About FlexGen
Based in Durham, N.C., FlexGen is a leading integration services and software technology provider for energy storage solutions in the United States and globally. FlexGen designs and integrates storage solutions and the software platform that is enabling today’s energy transition. Leveraging its best-in-class energy management software and power electronics, FlexGen delivers utility-scale storage projects integrated with traditional and renewable power generation globally. Our clients and partners include the most technically and commercially demanding developers, utilities, government agencies and industrial companies in the world. To learn more, please visit www.flexgen.com.
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