On July 31, 2020, San Francisco-based start-up Geli, one of the last standalone energy storage software vendors, agreed to be acquired by South Korean company Hanwha Q Cells, to serve as the solar module giant’s entry into North American commercial and industrial solar-storage markets. Hanwha Q Cell’s purchase price was not disclosed. Geli has raised about $24 million since its 2010 founding. Wilson Sonsini Goodrich & Rosati represented Geli in the transaction.
Over the past decade, Geli’s software has been used to design, install, and operate megawatts of grid-connected and behind-the-meter battery and microgrid projects. Hanwha Q Cells, which has already launched its own residential storage system in European and Australian markets, says it bought Geli to help manage the more complex and cost-sensitive C&I storage market.
The Wilson Sonsini team that represented Geli in the transaction includes:
M&A
Bob O’Connor
CFIUS
Josh Gruenspecht
Jonathan Davey
Technology Transactions
Adam Shevell
Barclay Oudersluys
Export Control and Sanctions
Anne Seymour
Employment
Aren Balabanian
Real Estate
Jim McCann
Privacy
Matt Staples
Environmental
Martin Sul
Government Contracts
Seth Cowell
In addition, senior paralegal Nicole Kohlman provided the team with invaluable assistance.
For more information, please see Greentech Media’s coverage of the acquisition.