Ormat to Acquire Viridity’s business

Ormat to Acquire Viridity Energy’s business and resources to capture market share in demand response and energy storage markets

Ormat will pay Viridity’s shareholders an initial consideration of $35 million at closing. Additional contingent consideration will be payable in two installments upon the achievement of certain performance milestones measured at the end of fiscal years 2017 and 2020. Upon closing of the acquisition, expected in early 2017, Viridity will continue operations and retain current management and staff, as well as maintain all customer relationships and agreements. The new ownership structure will result in additional resources, capabilities, services, and solutions being made available to Viridity’s customers.
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Viridity Energy Awarded Key Patent for Energy Storage Used With Rail Systems and Electric Vehicles

It is the latest in a series of patents awarded to Viridity, including patents related to data center operations and battery/solar asset-combined operations.

Viridity President Raj Chudgar commented: “Since 2012, Viridity has operated two award-winning energy storage systems in partnership with the South Eastern Pennsylvania Transportation Authority. The intellectual property inherent in our systems relates to the parallel functions for savings and market revenue and system support for voltage management and power assist. It’s a unique combination of regenerative braking capture and reuse, coupled with revenue-generating, market-based services. Indeed, the value is so compelling that the project has expanded from a single battery installation to a fleet of nine batteries that will be operational in the coming months.”

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Viridity Energy Raises $8.5 Million in Growth Round

AltEnergy Increases Investment to Expand Energy Management Technology and Battery Storage Solutions

“Since AltEnergy’s original investment in Viridity in 2009, the company has evolved into an industry leader with innovative software technology that maximizes the value of flexible energy load,” said Russell Stidolph, Founder and Managing Director of AltEnergy. “This investment will help fuel the continued rapid growth of the company, and further extend its leadership position in energy storage and advanced demand response.”

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Half Moon Ventures Selects Viridity Energy

Half Moon Ventures Selects Viridity Energy to Operate Largest Solar + Storage Project in Continental U.S.

The Village of Minster, Ohio is developing a 4.2MW solar array paired with a 7.5MW storage system. Energy produced by the solar array will be stored in batteries and deployed by Viridity’s market operations center in high-value applications that keep the grid in balance and provide back-up power support.

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Will Brake for Batteries

SouthEastern Pennsylvania Transportation Authority, Constellation, and Viridity Energy Announce 8.75-Megawatt Energy Storage Project

A battery storage network, which captures and reuses the energy created by braking subway cars, will help Southeastern Pennsylvania Transportation Authority (SEPTA) reduce operating costs, ensure energy resiliency, and support the stability of the electrical grid. Viridity Energy will provide energy market services for the project, bidding the batteries into the PJM market as frequency regulation resources to help match generation with demand and maintain the desired electrical frequency on the grid.

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