Caban Systems Raises 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 closed on $43 million of its initial target $51 million Series B round, 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.
"Raising 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.
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.
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.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Caban, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release may contain forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements include information, among other things, concerning: the anticipated use of proceeds from the Series B round, future demands for our energy transition strategy and our product and service offerings; business strategies; our proprietary hardware and software system; our global expansion plans; competitive position; general economic conditions; and potential growth opportunities. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations. There may be events in the future, however, that we are not able to predict accurately or control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Media Contacts
Jenna Herzog
Caban Systems
[email protected]
Brynne Kennedy
BCP Ventures
[email protected]
SOURCE Caban Systems
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