Betting on growing demand to finance and support mini power plants, Schneider Electric SE said on Friday that it was partnering with investors to launch a new company focused on microgrids for small and medium-sized U.S. businesses.
Investors led by Jeff Ubben’s new sustainable investment firm Inclusive Capital Partners and clean energy-focused Huck Capital, will back the partnership.
Having reliable, sustainable access to renewable power should be a top corporate priority for both small and large companies in the coming years. Local electric grids offer potential stability in both service and pricing, which are increasingly volatile amid the global push to electrify transport and blackouts related to climate change-driven storms and wildfires.
“In the next 20 years as a planet we’re going to use three times as much electricity as we do today — that’s the minimum,” Schneider Electric Chief Innovation Officer Emmanuel Lagarrigue said in a phone interview.