Friday, October 27, 2023

Haven Energy Launches Energy Storage Effort

Los Angeles-based Haven Energy, a company focused on home energy storage systems, has launched a new virtual power plant (VPP) program, the comapny recently announced. The venture backed company--which has received funding from such companies as Lerer Hippeau, Giant Ventures, Quantum Innovation Fund and Raven One Ventures--says it launched a virtual power plant for any California homeowner with energy storage. The company said homeowners who enroll their batteries in their VPP will earn a guaranteed minimum of $125 a year. Virtual power plant programs are being used by utility companies to gain access to battery capacity--without having to build out their own battery storage facilities--for use during times when power captured earlier in the day from wind and solar are needed at times of high demand. Haven explained that these are called "virtual power plants", because it does not involve a physical power plant or centralized power generation facility.