DER - Solar

Virtual power plant company Swell is reportedly closing its doors

Virtual power plant company Swell is reportedly closing its doors
(Credit: DOE)

Swell Energy, a virtual power plant (VPP) provider that collaborated with multiple utilities, is reportedly shutting down just months after it acquired solar and storage installer Renu Energy, Latitude Media reports.

Although the company has not officially announced the end, several former employees spoke with Latitude Media, alleging that Swell began a series of layoffs after acquiring Renu. Swell Energy is now liquidating its assets, Latitude Media reports.

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Swell raised $120 million in 2022, and has partnered with multiple utilities on VPP deployments, including Sacramento Municipal Utility District (SMUD) and Hawaiian Electric.

In 2021, the Hawaii Public Utilities Commission (PUC) approved Swell’s $25 million contract with Hawaiian Electric for the delivery of various grid services through an aggregated VPP on three islands, known as the Home Battery Rewards Program. The 80-MW, 100-MWh program commenced in January 2022, through which Swell managed customer enrollment, installer relationships, resource aggregation, and operation, according to a report from RMI.

In 2023, SMUD launched Partners+, a collaboration with Swell Energy that was intended to scale from 20 MWh and 10 MW to 54 MWh and 27 MW over the 6-12 year program. Swell enrolled customers, conducted market outreach to local installers, aggregated and operated the fleet of systems, and paid customer incentives.

Originally published in POWERGRID International.