A young Philadelphia company is growing fast with an innovative technology and business model.
Solar Grid Storage, established in 2011, brought its solar photovoltaic energy storage system to market a year ago, says CEO Thomas Leyden, with help from Ben Franklin Technology Partners of Southeastern Pennsylvania. So far it has installed its “batteries” at four large-scale, commercial projects: two in New Jersey, one in Maryland and one at the microgrid at the Philadelphia Navy Yard, where the company is located.
Solar Grid’s batteries serve as a source of emergency power when electricity fails, reduce the cost of photovoltaic systems by eliminating the need for solar inverters and help maintain grid stability by allowing grid operators to temporarily charge or discharge the batteries as needed. That last feature is a built-in revenue source.
Under its proprietary business model, the company can retain ownership and maintenance of its batteries, financing their installation through investors and from revenue streams including grid operators. That, says Leyden, “lowers the overall cost of solar dramatically. This is a financial model to get this asset in place that benefits multiple partners.”
With the cost of solar nearly equal to utility-generated power and projections of 30% annual growth for solar, Leyden anticipates strong demand. “Large power plants are not being built much. That model is in the past,” he says. “For new power generation, solar is the cheapest, fastest and best way to do it.”
Solar Grid just added three employees, bringing its workforce to nine, and continues to hire. Leyden expects his staff to triple by the end of the year, with most of the employees in Philadelphia. (The company also has offices in New Jersey and Maryland.)
Source: Thomas Leyden, Solar Grid Storage
Writer: Elise Vider
