TEL AVIV, Israel, March 31, 2020 /PRNewswire/ -- Synvertec, a developer of state-of-the-art software that supports the transition to renewable & distributed energy generation, announced today that it has raised $1.5M from China Light & Power - OSEG (CLP-OSEG) Energy Innovation. The investment will help support Synvertec's Asia expansion as well as allow it to build out its R&D capabilities.
Today's grid control & management are based on the electrical behaviour of synchronous generators, with 'Power Electronics' likely taking over the control and conversion of electricity flowing to the grid in the very near future. However, massively feeding the grid with clean & versatile distributed sources of energy via conventional Power Electronic Inverters is currently unfeasible, as it jeopardizes grid stability, preventing the mass penetration of modern and clean energy sources.
This challenge is intensifying with the introduction of rigorous regulations by concerned grid operators, such as California Rule 21, imposed on distributed energy resources, demanding compliance with advanced inverter functions and capabilities.
In order to overcome this challenge, Synvertec has developed the Synchronverter™, a software technology solution that works with inverters across various distributed energy applications, including Renewable Energy (PV, Wind, Tidal), Electric Storage and Electric Vehicle, safely allowing integration to the electric grid without additional grid enhancement.
The Syncronverter is designed to improve grid stability with distributed renewable sources, by enabling inverters to play an active role in the stabilization of the grid. The Synchronverter's proprietary control algorithm mimics the behavior of synchronous generators in conventional generators and eliminates large fluctuations in grid frequency, voltage and power flow thanks to its artificial inertia, active compensation of voltage fluctuation and active compensation of frequency deviations features.
"We are now at a stage where the question is not whether a solution such as ours is going to be needed, but rather how to successfully implement it and manage it properly," said Ronny Izhak, CEO of Synvertec. "Energy producers have accepted the reality that they must update their respective grids in order to properly accommodate the flow of energy from alternative sources and that they have a responsibility to their customers and stakeholders to do so."
In addition to CLP-OSEG, Synvertec has also raised money from the Karat VC fund of Israel Electric Corp, the Horizon Fund by GE, and the European Horizon 2020 Fund.
"With its strong leadership and breakthrough innovation, Synvertec has established the standard for supporting grids' transition to renewables," said Mr. Austin Bryan, China Light and Power Group Ltd. Senior Director of Innovation. "We are excited to join Synvertec on its journey to help utilities remake the way they produce energy."
"Synvertec's technology is a real game changer for utilities and energy producers around the world," said Mr. Tamir Prado, OSEG Chairman and former head of the Israeli Mossad. "Energy producers are no longer required to spend time worrying about how best to incorporate and on-board renewable energy into their systems, allowing them to move confidently and swiftly through the process, and saving them valuable time and resources."
About Synvertec:
Synvertec is an Israeli company established in 2014 that helps facilitate high levels of Renewable Energy Sources (RES) and Distributed Energy Resources (DER) within diverse electricity grids, while also significantly enhancing grid stability. The company's flagship product, the Synchronverter, transforms renewable energy inverters into cutting-edge grid stabilizing devices. With the addition of the Synchronverter, inverters play an active role in the stabilization of grids whose considerable renewable energy source (RES) proportions would otherwise create significant instability. For more information, please visit www.synvertec.com
About CLP-OSEG:
CLP-OSEG is a joint venture between CLP Innovation Ventures (Israel) Limited, a wholly-owned subsidiary of CLP Holdings Limited, and Other Sources Energy Group (OSEG). CLP-OSEG is focused on investment opportunities in next-generation energy technologies and innovations that empower the low-carbon transition for energy users.
About CLP:
CLP Holdings is one of the largest investor-owned power businesses in Asia Pacific, with operations and investments in the energy sector in Hong Kong, Mainland China, India, Southeast Asia, Taiwan and Australia.
About OSEG:
OSEG (Other Sources Energy Group Ltd.) is an investment company focused on new energy, clean tech, alternative fuels, micro generation, micro grid and cyber security technologies. In addition, OSEG provides consultancy and strategic advisory services for Israeli startups in a wide range of industries. As a results-driven organization, OSEG is constantly looking for ambitious and visionary partners with the drive and flexibility to take the technologies they identify to the next level, finalizing in commercialization.
Media Contact:
Matthew Krieger
GK for Synvertec
+972-544-676-950
matthew@gkpr.com
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SOURCE Synvertec
