Investment funds managed by Morgan Stanley Energy Partners (MSEP), part of Morgan Stanley Investment Management, announced today that they have completed an investment in Alpharetta, Georgia-based SolMicroGrid to help support the growth of SolMicroGrid’s business, which offers innovative microgrid solutions through an Energy-as-a-Service (EaaS) business model.
SolMicroGrid is a developer and operator of microgrid systems for commercial and industrial customers throughout North America. The partnership with MSEP provides the company with resources to accelerate the development of its assets, capabilities, and product offerings to its commercial and industrial customers.
A portion of the proceeds from MSEP’s investment will go to support the initial deployment of SolMicroGrid’s solar-enabled microgrid systems to certain commercial and industrial customer locations in California. The microgrids will help protect those locations from power outages while providing cost-effective, renewable power.
John Moon, Head of Morgan Stanley Energy Partners, said: “We are delighted to be partnering with SolMicroGrid to develop innovative and efficient renewable energy systems for commercial and industrial customers. We believe this is a compelling opportunity to work with a forward-thinking, entrepreneurial management team and look forward to building on SolMicroGrid’s early success to provide clean and reliable on-site power to community-critical businesses.”
Matthew Ward, Co-Founder and CEO of SolMicroGrid, said, “We founded SolMicroGrid with a mission to provide customers with resilient, efficient and sustainable energy solutions utilizing the latest power generation and power storage equipment, all enabled by industry-leading software. We are excited to provide customers with a cost-effective and sustainable solution to rising electricity prices and grid instability. Morgan Stanley Energy Partners provides us with a strong sponsor who will assist us as we seek to build an industry-leading microgrid franchise.”
Joyce Bone, Co-Founder and President of SolMicroGrid, stated, “The rising cost and increasing complexity of sourcing not just clean but reliable power requires a new and innovative approach to the provision of electricity. We are excited to have the opportunity to share best-in-class solutions for our customers with the support of a world-class financial partner.”
Vertical Capital Advisors served as financial advisor to SolMicroGrid’s Co-Founders