Q CELLS has signed an agreement to acquire a 100% stake in San Francisco-based energy storage solutions company Growing Energy Labs Inc. (Geli). The transaction is subject to customary closing conditions, including regulatory approvals.
Geli’s end-to-end software platform streamlines the energy storage development process, offering a solution for design, automation and management of battery-based energy storage systems. Geli’s products, powered by artificial intelligence, determine the optimal size of the storage system and maximize the stacked revenue potential for customer deployments. Geli’s products leverage an advanced cloud architecture and Industrial IoT technologies that support scalability and extensibility across multiple geographies, market segments, and hardware solutions.
Q CELLS has already launched various integrated energy solutions globally, including in Europe and Australia. Q CELLS’ acquisition of Geli is its first of an energy storage solutions company and marks its entrance into the U.S. C&I distributed energy market. Leveraging Geli’s proprietary artificial intelligence technology for designing, automating, and managing energy storage systems, Q CELLS will be able to provide integrated energy solutions through packaged hardware and software capabilities (solar + storage).
“There is increasing demand in the energy storage space for comprehensive energy solutions. We are excited to welcome the Geli team and work together to strengthen our competitiveness in the global distributed energy market. Q CELLS and Geli’s combined capabilities will allow us to provide smart energy solutions to our customers and together we can unfold the next chapter towards a cleaner tomorrow,” said Hee Cheul (Charles) Kim, CEO of Q CELLS.
“We are excited to join forces with Q CELLS,” Dan Loflin, CEO of Geli said. “Q CELLS shares our vision of the transformative power of renewables and the Internet of Energy to make the planet a cleaner, better place to live. Combining with Q CELLS will accelerate Geli’s product roadmap and strategy, bringing greater value to all of our customers and partners in all of our markets.”
News item from Q CELLS