Integrated Storage Technologies (IST), an energy storage technology company out of New York City, has announced the closing of $1.3 million in their seed funding round appointing James P. McDougall as Chairman.
Brooklyn, NY -- (ReleaseWire) -- 07/16/2019 --The Brooklyn headquartered company is known for its expertise in diverse energy storage & controls applications with a core focus of Front-of-the-Meter & commercial and industrial energy storage projects. IST can, for instance, help a building owner save money on their demand charges, or work with developers or utilities to design and manage the delivery of MW- scale energy storage power to relieve congestion on power lines, especially on hot summer months.
The round was led by seed and early-stage investor Richard Klein, who specializes in investing with alternative energy technology and service companies. He successfully guided start-up companies on advancing their technologies, identifying markets, and managing their growth. Richard is a seasoned early stage investor with numerous prominent successfully exits in the clean technology space.
Richard's investment was followed by James P. McDougall, an energy storage veteran, CEO, angel investor, venture capitalist and startup professional with global experience in building high performing teams. James was previously the CEO of Younicos, a company similar to IST which he turned around and sold in a very successful transaction. Mr. McDougall's partners at Virtual Power Solutions (www.vps.energy) in Coimbra, Portugal and angel investor Ulrich Müller-Menrad from Munich, Germany accompanied him in the funding round. James has raised over $300 million in venture capital and private equity for start-ups and SMEs in the renewable energy and energy storage related sector.
Additionally, principals at a 4 billion-dollar hedge fund based in New York City, and Agilitas Energy, a renewable energy project developer and asset operator out of Wakefield, MA, both rounded out the fundraising cycle.
"With the support of our strategic investors, we are accelerating the development of our technology and scaling our business to ensure IST becomes a front runner in the New York's fast developing energy storage industry," notes Cory Mourer, founder, and CEO of IST. "The demand for energy storage in the area is increasing tremendously and we are looking forward to expanding to new markets soon."
For more information, please visit IST's website at http://www.integratedstoragetech.com.
About Integrated Storage Technologies – Integrated Storage Technologies has projects deployed in both New York and California, with over 300MWh's of projects in various development.
About Virtual Power Solutions - Virtual Power Solutions is an innovative, market leader in the design and operation of dynamic connected platforms, providing real-time granular data to consumers, network operators and utilities.
Agilitas Energy is a leading commercial developer and operator of distributed solar and utility-scale battery storage resources in the Northeast. The Company's team of professionals take projects from inception through construction to operations.