Vitol Makes an Investment in FlexGen Power Systems
Posted on 07/20/2022
U.S. energy storage system integration services and software company FlexGen Power Systems Inc. has raised US$ 100 million in a Series C funding round. The company is based in Durham, North Carolina. The investment round was led by Dutch energy trader Vitol, in partnership with existing investors.
FlexGen has an energy management software platform called HybridOS that enables energy storage owners to deploy different power market strategies and combine storage solutions with any form of generation.
Advisors
Akin Gump Strauss Hauer & Feld LLP acted as legal counsel to Vitol. DLA Piper LLP acted as legal counsel, and Citi acted as sole placement agent to FlexGen.
In August 2021, Funds managed by affiliates of Apollo Global Management, Inc. made a US$ 150 million equity commitment to FlexGen. Apollo’s investment was made in partnership with FlexGen’s existing investors, Altira Group and the founding investment group led by Jerry Miller and Mark Dreyfus.
