On November 22, 2022, energy management and smart grid solutions provider Swell Energy announced that it had raised $120 million to support its mission of developing 600 MWh of virtual power plants (VPP). SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund I, LP led the fundraise along with Ares Infrastructure Opportunities fund and Ontario Power Generation Pension Fund. Wilson Sonsini Rosati and Goodrich advised Swell.

Santa Monica, Calif.-based Swell plans to develop the new energy through the deployment and aggregation of 26,000 energy storage systems located at homes and businesses across the United States. The VPPs provide grid service capabilities to Hawaii, California, and New York, allowing utilities to deliver cleaner energy and reduce dependence on fossil fuel peaker plants.

The Wilson Sonsini team that advised Swell on the transaction included Bob O’Connor, Mike Pestana, Viet Nguyen, Stephanie Nweke, Karen Becker, Joshua Gruenspecht, Scott Zimmermann, and Edward Kayukov.

For more information, please see Swell’s press release.