SYSO Secures $14.5 Million in Series B Funding Led by Kimmeridge to Accelerate Market Operations for the Energy Transition

BOSTON, Aug. 8, 2024 /PRNewswire/ -- SYSO, a leading market operator of renewable energy and battery storage assets, today announced the successful completion of its Series B funding round, raising $14.5 million.

The round was led by Kimmeridge, an alternative asset manager specializing in the energy sector, out of its Kimmeridge Carbon Solutions strategy ("KCS"), with participation from existing SYSO investor Lacuna Sustainable Investments. This investment empowers SYSO to expand its offerings into new markets, while continuing to drive improved operational and financial outcomes for developers and independent power producers that are advancing the energy transition across the power sector. 

SYSO provides a range of services, including forecasting, power market access, asset operation, asset optimization, trading, settlement, and virtual O&M. Since launching in 2019, SYSO has established multiple partnerships with asset managers, developers, integrators, and IPPs. As a result, SYSO now manages over 2.5 GWs of assets across the ISO-NE, NYISO, PJM, MISO, ERCOT, CAISO and SPP markets.

"We are thrilled to welcome Kimmeridge as a new lead investor and have the continued support of Lacuna Sustainable Investments," said Chris Gosline, CEO of SYSO. "This investment is a strong endorsement of our vision and strategy. It will allow us to rapidly grow our GWs under management, scale our operations, enhance our product offerings, and drive significant value for our clients in the rapidly evolving power market."

"We are excited to partner with SYSO as they help battery owners navigate complicated dispatch strategies and regulatory requirements," said Henry Makansi, Managing Partner and Co-Founder of Kimmeridge. "SYSO has proven itself a trusted partner in the industry and reflects the strong management and business tailwinds that KCS seeks in its partnerships. This investment complements the current KCS portfolio, which has allocated capital across an array of compelling investments focused on decarbonization and energy transition."

Pierce Atwood served as the legal counsel for SYSO in this transaction, while Kimmeridge was represented by Reitler Kailas & Rosenblatt LLP.

About SYSO
SYSO is the premier market operations service provider dedicated to renewable and storage assets. The company offers a suite of solutions designed to optimize market operations, enabling efficient and effective energy management. SYSO's innovative platform helps clients navigate the complexities of the energy market and achieve better operational outcomes. More information can be found at www.syso.com.     

About Kimmeridge
Founded in 2012 by Ben Dell, Dr. Neil McMahon and Henry Makansi, Kimmeridge is an alternative asset manager specializing in the energy sector. Kimmeridge's direct investment approach, deep technical knowledge, active portfolio management and proprietary research and data gathering set the firm apart in the industry. The Kimmeridge Carbon Solutions strategy focuses on sustainable and value-driven investments in the energy sector, and has a made a series of targeted investments, including Chestnut Carbon, US Light Energy, Common Energy and LandGate. More information can be found at www.kimmeridge.com.

About Lacuna Sustainable Investments 
Lacuna Sustainable Investments is a Marin County, CA based alternative asset management firm that makes debt and equity investments in opportunities that meet the growing demand for renewable energy. The firm invests in opportunities where its capital is needed to achieve a defined goal and the Lacuna team's energy, experience, and expertise can decrease the risks associated therewith. Lacuna invests early, de-risks opportunities, and positions investments to create equity value for all stakeholders. More information can be found at www.lacunasustainable.com.

Media Contacts

SYSO:
Ferdinand (Fred) Rapant
[email protected]
518.836.4508  

Kimmeridge:
Daniel Yunger / Hallie Wolff / Emma Cloyd
[email protected]
917.574.8582 / 917.842.1127

Lacuna Sustainable Investments:
Brad Bauer
[email protected]
415.300.6119

SOURCE Kimmeridge