Duke Energy to partner with Energy Ogre to provide energy solutions for a growing energy market
Duke Energy announced it will invest $1.2 billion in Energy Ogre, a new energy technology company.
The investment will bring the total investment to $1 billion, which will help expand the company’s energy business, Duke Energy said in a statement.
The new investment will help Duke Energy’s energy customers achieve the best energy performance possible and provide a competitive advantage to the broader energy marketplace, the company said.
Energy Ogre is the first company to partner up with Duke Energy in a significant way to help meet its customers’ energy needs, the statement said.
The partnership is expected to create jobs and support the company financially, the firm said.
The company is expected spend the rest of this year focusing on its first commercial product, a small-scale power generation unit for residential customers.
The company has received regulatory approvals from the U.S. Environmental Protection Agency (EPA) and the Texas Public Utility Commission (TPUC).
The company plans to launch a second commercial product for residential and commercial customers next year.