Caban Systems Raises $51M Series B to Accelerate Growth
BURLINGAME, Calif., Jan. 4, 2023 /PRNewswire/ -- Caban Systems, Inc. (“Caban”), a leader in next-generation renewable energy solutions for critical infrastructure, has raised $51M to accelerate its global expansion strategy. The Series B round was led by investor BCP Ventures with participation from Ontario Power Generation Pension Fund, Ember Infrastructure, Portfolia, and Inspiration Ventures.
Caban delivers end-to-end energy solutions that decarbonize and modernize critical infrastructure. The US-based company has pioneered a turnkey solution that leverages its proprietary lithium-ion energy storage technology, intelligent remote monitoring software, and integrated Energy-as-a-Service offering.
Founded in 2018 by Alexandra Rasch Castillo and Brian Pevear, Caban has initially demonstrated success as an alternative energy solution for the telecommunications industry in the Americas. Caban’s technology has now reached a pivotal moment for expansion to support clean energy needs across critical infrastructure sectors. The new funding enables Caban to scale domestic battery manufacturing capacity, broaden its product and service offerings, and expand into global markets.
“Closing our Series B is a transformational moment for our company and a concrete endorsement that our technology, combined with our Energy-as-a-Service business model, is the leading energy transition strategy for our customers,” says Alexandra Rasch Castillo, CEO and Founder of Caban. “After a successful launch in Latin America, our Series B will allow us to grow our business globally.”
Several of the world’s largest telecommunications companies leverage Caban technology to cut carbon emissions, reduce operational costs, and increase power reliability. Caban solutions are powering over 500 customer sites across 10 countries, with more than 1,400 additional sites under contract.
“We are honored to partner with Caban Systems to reinvent energy delivery for the telecommunications sector and bring renewable power to critical infrastructure in all corners of the world,” says Roger Lang, Co-Founder and General Partner of BCP Ventures. “We could not be more excited about Caban’s rapid growth trajectory and positive climate and human impact.”
Urgency to meet global decarbonization targets and enhance energy security continue to increase demand for Caban’s solutions worldwide. In the US, the Inflation Reduction Act now offers bonus incentives for energy storage projects using US-manufactured equipment. Taken together, the global and domestic trends set the stage for Caban to thrive.
“Our proprietary hardware and software system underpins our value as a next-generation energy company,” says Ms. Rasch Castillo. “Increasing the availability of our solutions globally is critical to our customers’ objectives of reducing dependency on fossil fuels and meeting net-zero carbon emissions targets.”
As of November 2022, Caban has supplied 1,217 MWh of renewable energy, helping its customers avoid more than 8,400 metric tons of carbon emissions. Caban’s solutions dramatically reduce diesel consumption and grid dependency, reducing site operating costs between 40 to 70 percent on average.
About Caban Systems
Caban Systems, Inc. is a renewable energy services company that offers end-to-end solutions for critical infrastructure, including some of the world’s largest telecommunications companies. Pioneering a best-in-class intelligent energy storage platform, Caban delivers modern solutions that substantially reduce operational expenses and increase uptime. Caban is accelerating the shift to renewable energy for critical infrastructure, starting with the telecommunications industry, by providing access to affordable, reliable, and renewably sourced power. All hardware is designed and manufactured by Caban Systems in the United States. For more information, visit cabansystems.com.
About BCP Ventures
BCP Ventures invests in technology innovation that reinvents the most foundational parts of our society for sustainability and efficiency. BCP’s investments focus on food systems, sustainable energy and smart infrastructure, tackling challenges like food security, food waste, emissions reduction and resource consumption, while generating a strong cost savings for customers. Learn more at www.bcp.capital.
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SOURCE Caban Systems