IBank
Summary
The Bay Area Air Quality Management District has awarded a loan guarantee to Gridscape Solutions, a developer of renewable energy microgrid solutions in California.
Gridscape’s microgrids integrate several technologies including solar panels and lithium-ion battery energy storage systems to provide renewable power, clean emergency backup power and grid resiliency. Gridscape developed a proprietary, intelligent software called EnergyScope™, a distributed energy resource management system that optimizes microgrid assets and supports backup power and islanding.
“The Air District is excited to support clean energy solutions like local microgrids and we hope to see this innovative approach widely applied in the Bay Area and beyond,” said Jack Broadbent, executive officer of the Air District. “This project will accelerate the reduction of greenhouse gas emissions and help move the Bay Area forward on the path toward meeting the region’s climate protection goals.”
“The Climate Tech Finance program is an innovative, proactive program that not only provides essential financing support for emerging companies like Gridscape, but also promotes our solution through rigorous qualification and creating market awareness,” said Vipul Gore, President and CEO of Gridscape Solutions. “I am very grateful to the Air District and its Climate Tech Finance team for including us in its program and help propel our growth.”
This loan guarantee is the second project under the Air District’s Climate Tech Finance program. In partnership with the California Infrastructure Economic Development Bank and the Northern California Financial Development Corporation, the Climate Tech Finance team led a technology qualification and greenhouse gas analysis that deemed Gridscape eligible for a 90 percent loan guarantee. This loan guarantee supported Gridscape in securing a line of credit with River City Bank.
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