Integration with Budderfly’s energy management platform enables VPP formation, creating new value for customers, stakeholders and utilities
Shelton, Connecticut – August 13, 2024--Budderfly, the preferred sustainability partner for commercial businesses, today announced that it has acquired a grid-edge distributed energy resource management system (DERMS) from Sunverge Energy. Using Sunverge’s technology, Budderfly can aggregate distributed energy resources (DERS) across its sites, positioning it to create virtual power plants (VPPs) capable of providing flexibility to the grid, increasing resiliency for customers and growing new revenue streams. With greater control over its energy infrastructure value chain, from equipment installation to billing, Budderfly is creating a first-of-its-kind end-to-end VPP.
"VPPs are crucial for capitalizing on the opportunities of the energy transition. Through this acquisition, we are making this essential technology available to the middle market, allowing our customers to benefit from renewable energy and contribute to a more sustainable, reliable, and affordable energy future,” said Al Subbloie, founder and CEO of Budderfly. “This is a natural progression born out of the success of the Budderfly model, which has become synonymous with delivering sustainable efficiency outcomes to our stakeholders.”
By procuring and installing flexible load technologies like battery storage, behind-the-meter solar generation, and EV charging infrastructure at small- and mid-sized commercial buildings – Budderfly plans to enroll thousands of its customers’ sites in demand response programs over the next five years. Budderfly will also onboard several utility customers in Arizona, Maryland, the Northeast, and the Pacific Northwest, aligning with its long-term strategy to contribute to a more flexible, more stable energy grid, enabling substantial revenue opportunities through program incentives.
“Distributed energy resources, which can be aggregated into virtual power plants, play a valuable role in reducing energy costs for end users and alleviating regional pressure on the grid,” said Pavel Molchanov, managing director and equity research analyst at Raymond James. “Software solutions, like Budderfly’s VPP-enabled platform, make DERs even more economically attractive and capable of supporting local grid needs.”
Former Sunverge employees with decades of DERMS and energy market experience will join Budderfly’s growing team of almost 400 employees. The team’s expertise will ensure a seamless transition and support Budderfly as it continues to innovate and expand its service offerings.
Budderfly has pioneered novel energy management strategies since 2017, focusing on reducing energy consumption and improving efficiency for thousands of small- and medium-sized commercial facilities. Its next stage of growth will accelerate clean energy adoption across the mid-market, which comprises most U.S. businesses. Unlike traditional energy service companies, Budderfly takes a holistic approach to eliminate a substantial CapEx barrier for customers, driving enhanced operational efficiencies, increased cost savings, and low-carbon outcomes.
About Budderfly
Budderfly, ranked as one of the fastest-growing Energy as a Service (EaaS) companies in the United States, is the premier sustainability partner for businesses such as restaurant chains, assisted living facilities, retail franchises, and more. Budderfly installs, monitors, and manages a combination of patented technologies, equipment upgrades, and proprietary energy software for its customers at no out-of-pocket cost. Businesses benefit from lower energy bills, a reduced carbon footprint, more reliable operations, and an improved customer and employee experience. Budderfly ranked on the Inc. 5000 America’s Fastest-Growing Private Companies list from 2021 to 2023 and the Deloitte Technology Fast 500 list in 2023. For more information, visit budderfly.com or follow us on LinkedIn or X (formerly Twitter).
Media Contact:
Tori Bentkover
budderfly@antennagroup.com