SAN FRANCISCO — Leap, a virtual power plant (VPP) platform, has secured additional equity financing from Presidio Ventures, bringing Leap’s total B-EXT funding to $16 million after a round announced in July 2023.
“Leap has experienced rapid growth this year, surpassing 175,000 meters and over 975 megawatts of load on our VPP platform,” said Leap Co-Founder and CEO Thomas Folker. “This latest boost of capital will allow us to scale our operations in support of our rapidly-expanding portfolio of technology partners.”
Leap’s software platform facilitates fast, automated access to energy markets for battery storage systems, electric vehicle (EV) charging, smart thermostats, building management systems and other distributed energy resources (DERs), making it easy for technology providers and operators to earn revenue in demand response and other grid services programs.
“We’re committed to supporting the technologies of tomorrow to secure their place in the global market,” said Seth Nishida at Presidio Ventures, the corporate venture capital arm of Sumitomo Corporation. “Leap is well-positioned to scale its innovative solution for maximizing the value of DERs in energy markets and accelerate the decarbonization of the world’s electric grids.”
