Dive Brief:
- Demand response startup Voltus announced this week that it has secured contracts for 400 MW of industrial and commercial load management, spread across all major wholesale markets.
- Part of that includes a multi-year, bilateral utility agreement with Enerlogics and Duquesne Light for 46 MW as part of the Pennsylvania Act 129 program.
- Voltus was founded last summer by former EnerNOC executive Gregg Dixon, notes Greentech Media. Per "startup" requirements, he is listed as both CEO and the media relations contact.
Dive Insight:
There are a couple of remarkable details in Greentech's story about Voltus, and its got nothing to do with CEO Dixon's apparent double-duty.
The company developed a $100 device from standard parts, running on Linux, controlled and connected through Amazon Web Services via an app and software. And landed 400 MW of DR contracts.The company is entirely self-funded ("to date," GTM notes) to the tune of $1 million.
According to Voltus' announcement, the company has secured an "estimated, total contracted revenue and gross margin backlog of $20 million and $8 million, respectively." The company has contracts in ISO New England, New York ISO, PJM interconnection, Midcontinent ISO, Texas and California.
The company's technology platform, described in its announcement, includes the "Voltlet," which supports capacity, energy, and ancillary services demand response, and includes end-to-end encryption of telemetry data over a secured cellular VPN.
The company says it is "now actively seeking strategic financial partners to support aggressive growth opportunities to scale the business."
"We founded Voltus because customers have big enough challenges managing their core mission, which typically doesn't include investing in software, staffing, and fee-for-services to 'treasure hunt' for energy savings. Our focus on cash savings delivered at no cost and no risk on a single page agreement has reinvigorated customer interest in demand response," said Gregg Dixon, Voltus CEO.
