US-based energy storage systems provider Electriq Power has agreed to acquire Lilypad Energy for an undisclosed sum.
Lilypad Energy offers data analytics solutions for the energy industry, with focusing on battery energy storage applications.
As per the terms of the definitive agreement, Lilypad Energy will enhance the performance of Electriq Power’s battery systems.
Electriq Power CEO Frank Magnotti said: “Lilypad Energy will enable accelerated deployments of battery systems and a foundation from which to provide real-time grid services to support utility infrastructure and grid operators across the country.
“We continue to build out our vision of increasing value-added services for Virtual Power Plants.”
A Lilypad Energy spokesperson said its software was designed to evaluate and assess revenue generation opportunities from interventional curtailment for demand response, ancillary services, and other forms of system balancing grid-services. These systems are fundamental to the use of Virtual Power Plants.
Under the deal, Electriq Power will own all software and branding rights of Lilypad Energy.
An Electriq Power spokesperson said the acquisition of Lilypad Energy would prove crucial amid increased demand for residential energy storage. This is due to California’s Public Safety Power Shutoffs programme, in which power is pre-emptively shut down by a utility due to severe weather conditions.
Henry Meyer will join as the head of Electriq Power’s newly formed Services Group.
Meyer said: “It’s exciting to join Electriq Power, one of the few companies in a position to leverage distributed energy resources as true grid assets.
“We will focus on accelerating deployments of battery systems to deliver the highest value to the broader energy system.”