Bala Ramamurthy of Critical Loop is the chief executive officer and joins theCUBE Research conversation with hosts Gemma Allen, John Furrier and Dave Vellante to examine industrial electrification challenges. Ramamurthy brings experience from SpaceX and they highlight modular battery systems, automation and orchestration software that accelerate site commissioning, support artificial intelligence and edge workloads, and enable factories to access megawatts of capacity faster than traditional utility upgrades.
Ramamurthy explains Critical Loop's energy-as-a-service model, where customers lease capacity and Critical Loop deploys relocatable battery systems to bank underused grid capacity. They emphasize rapid deployments, telemetry-driven operations and in some cases doubling available site capacity. Analysts note reduced customer capital expenditure, faster time-to-power and opportunities to monetize utility programs and diverse financing structures. This approach advances industrial electrification, energy storage deployment and grid modernization while supporting edge computing and AI infrastructure needs.
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Bala Ramamurthy, Critical Loop
Bala Ramamurthy of Critical Loop is the chief executive officer and joins theCUBE Research conversation with hosts Gemma Allen, John Furrier and Dave Vellante to examine industrial electrification challenges. Ramamurthy brings experience from SpaceX and they highlight modular battery systems, automation and orchestration software that accelerate site commissioning, support artificial intelligence and edge workloads, and enable factories to access megawatts of capacity faster than traditional utility upgrades.
Ramamurthy explains Critical Loop's energy-as-a-service model, where customers lease capacity and Critical Loop deploys relocatable battery systems to bank underused grid capacity. They emphasize rapid deployments, telemetry-driven operations and in some cases doubling available site capacity. Analysts note reduced customer capital expenditure, faster time-to-power and opportunities to monetize utility programs and diverse financing structures. This approach advances industrial electrification, energy storage deployment and grid modernization while supporting edge computing and AI infrastructure needs.
>> Palo Alto Studio Connection, Silicon Valley and Wall Street.
Bala Ramamurthy
>> I'm John Furrier, co-host of theCUBE here with Dave Vellante, my co-host.
Gemma Allen
>> Welcome back to theCUBE studio here at the New York Stock Exchange. I'm Gemma Allen, co-host of NYSE Wired's Powering Tomorrow. And today we are talking about how AI and this world has never needed as much power as it does this moment right now. And America's power grid is basically saying, get in line. Critical Loop is trying to solve that bottleneck using batteries, software, and modular power systems to get businesses powered in weeks rather than waiting years for the grid. Bala Ramamurthy went from helping make SpaceX Falcon 9 safe for humans to tackling one of the biggest infrastructure problems of this boom. Bala, welcome to NYSE Wired.
Bala Ramamurthy
>> Great to meet you, and thanks for having me on.
Gemma Allen
>> So you've had a pretty fascinating backstory. You were 12 years at SpaceX. And like I mentioned there in my opening, you were heavily involved in the mission that was Falcon 9. You're now solving for what is essentially one of the biggest challenges of this technical revolution era we're in. Maybe give me a little bit of the backstory about it. Talk me through the OG moment of reckoning where you thought, you know what, I'm going to go ahead and set up this company and solve one of society's biggest challenges.
Bala Ramamurthy
>> Yeah, that's a great question. I love solving complex systems problems. And to me, next to spacecraft and, going— sending astronauts to space, some of the most challenging problems that exist today that are fundamental to how every industry operates is energy. you can't do modern civilization without energy in some format and power specifically, meaning how much of it you can get in the amount of time you need. Is a major challenge. And I've worked in factories in different capacities throughout my career and was beginning to think about, reindustrialization, the changing supply chain, and kind of the challenges that needed to be surmounted to set up a factory in the US. And one of the things seems to be that you need power and utilities have challenges to deliver sufficient power fast enough. And this seemed like a really fascinating and important area to address. Industrial customers consume a lot of power and, form some of the key underpinnings of the modern grid. And so, yeah, it was kind of a deep study into that problem with my co-founders that kind of led to this idea of why don't we tackle industrial power solutions and figure out how to get megawatts to people much quicker than the, utility interconnection currently allows.
Gemma Allen
>> So when you hear it explained like that, you think, wow, that's a no-brainer, right? Let's just solve for the grid by building our own miniature version of it. But that's also highly complicated. There is, I'm sure, many, many, many reasons that the grid and the challenges that we have around energy and power in this country are as they are. Talk me through the layers by which you need to create this, right? Because it's kind of software, hardware, politics, regulatory, all combining into one product. Unstack it for me.
Bala Ramamurthy
>> Yeah, absolutely. The New York Times did a really cool article recently about the importance of transformers and some of this grid infrastructure. And that kind of tells you you need to build this complex hardware too, that requires a deep set of skills, sourcing materials in order to make grid upgrades. So the challenge we're seeing now in the modern distribution grid is that for the first time in many decades, we're having load growth. That is, people are consuming more power, and that's because new factories are getting built, electric vehicles have emerged, computation is happening at the edge, right? You have the neoclouds setting up their little data centers in different areas. So all of these things are— and also just the fact that the grid is old and is deteriorating— all this leads to the fact that you need to upgrade the grid. So that is often challenging, requires permits, and requires a lot of CapEx. And so the solution that Critical Loop looks at is like, how do you— the grid is fundamentally still underutilized. So there's this concept of grid flexibility, like 50% of the grid is not used. When you think about such an underutilized asset, you must use it better. So what Critical Loop does is that we take whatever power is available from the grid, store that in batteries, which are reducing in cost and can be deployed and it's an advanced technology at this point. We can deploy that at the point of consumption, like where the industrial customer is consuming that power. We throw batteries there, we suck in as much power as we can get from the grid. If there's supplemental generation at the site, solar or otherwise, we inject that power into the batteries too. And then we're able to deliver that power that can't be delivered over the traditional wires in the quantity that's needed when certain peak loads are happening, your peak AI inference happening or your heavy machinery kicking into gear. All these things consume a lot of power instantaneously. And what we do is we have batteries that bank this power and let you serve that power when these machines are running. And so, yeah, go ahead.
Gemma Allen
>> If I can interrupt you there for a second, you're selling batteries, but you're also selling time though, right? You're also selling capacity. Like how? Yeah. Describe that to me? What's the elevator pitch here if you're talking to a potential customer?
Bala Ramamurthy
>> Yeah, the elevator pitch is the following. Let's say the utility can only give you 5 megawatts of power. They can give you a certain amount of power, and how can you increase that? That power amount that the utility can provide is usually determined by whatever the main constraint is at that portion of the grid. It could be a transformer, it could be wires, It could be thermal limits during a very small portion of the year. So the value proposition is, hey, you might be gated by this problem that is occurring over a limited period of time. And until that section of the grid is upgraded, you're going to need a bridge solution to get as much power as you need. So Critical Loop offers a really flexible energy service agreement where the customer is basically just leasing capacity, right? You're just leasing capacity from Critical Loop to store and manage that power for the customer so that they can use it when they need it. And so the pitch is quite simple, like sign up with us for a lease for these assets. And we do all the orchestration. We determine, we do a power appraisal, we figure out how much power you're going to need based on the loads that you're going to have at the site. We determine what's the equipment that needs to be sited there. We get it permitted, we install it, we manage all of it with automation and software that reduces the operations and maintenance. So we really try to provide this experience to the customer where you should just be able to demand power and get it. And we like to be able to deliver that experience to the customer.
Gemma Allen
>> And the business model, it's capacity-based, it's subscription-based. How, what are the economics of this?
Bala Ramamurthy
>> Yeah, typically it looks like a multi-year lease for the batteries and other equipment at the site. Effectively, the people are leasing energy capacity from us. And then there may be other services that they might request from us for maintenance, but effectively you can think of it as very quite simply as a lease.
Gemma Allen
>> The data side of this is very interesting, right? Because you're obviously remotely monitoring this kind of miniature grid that you've created within all of these customer sites and looking at, like you mentioned, their capacity and loads and trying to understand how to utilize that. Talk me through that side of this business. You're obviously learning a lot, is there also a data play within this, like kind of longer term?
Bala Ramamurthy
>> Absolutely. We're sitting at the customer site intercepting kind of all the loads that are happening at the customer site. So we understand sort of the challenges to be able to achieve the requirements that the customer needs. Like nowadays, modern, like CNC machines, for example, or modern computers and data racks. These things have these interesting patterns of power consumption that might stress the traditional grid, but having these inverter and battery-based assets at the site allow us to smooth over some of these issues. And this data is really critical. We telemeter and monitor all this data. Of course, it's private to the customer and we can't share it with others, But it really allows us to serve the customer exactly the solutions they need as the problems and new needs emerge. As new loads come on at the customer site, we're in the best position to expand and give them additional capability.
Gemma Allen
>> You know, when we think about the world of smarter cities, right? This type of data would be so useful if it was actually created in a collectively useful way. I wanna ask you about my devil's advocate here is when I hear of a company like this and a technology and a use case like this, I think, why hasn't Tesla or Eaton or any of those other large companies just created their own version of this already? Why has there been such a dependency and somewhat of kind of, I guess, I may dare call it a toxic dependency on utilities for so long?
Bala Ramamurthy
>> Yeah, I think the key realization about the Critical Loop solution that we came to is that it's not a solution that is completely independent of the utility. We're just better utilizing what capacity the utility has and delivering sort of the gap that the utility can't realize today. I think all these companies are trying to solve or participate in this market in different capacities, like some are the manufacturers of equipment, some of those manufacturers' equipment Critical Loop might actually use. But I think what's unique about Critical Loop is that we can orchestrate across a wide range of these assets. We can orchestrate across batteries made by different manufacturers, batteries and generators made by different manufacturers, and we can control all of that and really provide this operations and maintenance layer that allows people to kind of seamlessly use— when you use the grid, you just assume everything is going to work. And so that's kind of the experience we want to deliver. And that really requires all this software and orchestration across assets. So I think that that flexibility ability to incorporate, we're not wedded to, we're a systems integrator in the best way in that we can pull all the available resources at a site and it doesn't exclusively have to be Critical Loop's hardware in some cases. And so, that's, I think, how we stand out.
Gemma Allen
>> Talk me through some customer examples, some clients, companies, manufacturing sites you've worked with, and what is the deployment like? How quickly can it go from a sales conversation to actual more efficient power management, live on a manufacturing site?
Bala Ramamurthy
>> Yeah, you'll be hearing more about this in the coming months, but across California we have a few campuses that we're working on industrial power solutions for where basically in each of those cases the utility was able to offer say 5 megawatts of power and then Critical Loop was able to step in and use all of our orchestration and toolkit to get that power to 10 megawatts, like double effectively the available capacity at the site. Some of the examples that we've talked about in public include Terawatt Infrastructure. We manage the microgrid at the San Diego Airport where basically it's a critical infrastructure facility and we've done stuff with folks like Cover, which manufactures ADUs, like we've managed to power their site. The setup, all our hardware is kind of designed to be rapidly stackable in a sense. We can deploy very quickly to a site once permits and other things have been issued and received. It's very easy for us to go integrate our hardware into the site and commission it really quickly. And we've actually done rapid response cases where we've set up the whole system, let's say a megawatt-scale microgridin a matter of hours. However, I'd say the typical experience for a permanent facility where our assets are going to sit around for a few years is on the order of a few months to work through different permits and sourcing the hardware and getting it to the site. Wow.
Gemma Allen
>> Well, there's certainly a timeline for this, that is for sure. So, Bala, last question to you. Talk me through the stage you guys are at as a company. I believe you raised Series A this year, some interesting investors. What's ahead? It sounds like a pretty capex heavy business too, right? Batteries and that type of spending ain't cheap. So talk me through the next 12 months, what's on the roadmap?
Bala Ramamurthy
>> Yeah, those are some great points. Critical Loop is about a 40-person-plus company. We're actively hiring folks, but we're expanding and we have live deployments with a variety of customers today. There are about 70 control nodes across California where we have telemetry and live power operations that are happening at all these sites. And we've managed to figure out the best methods to finance some of these projects. We take advantage of every incentive. We have the ability to find the right type of capital to deploy the CapEx. This is actually a very lucrative way to spend CapEx because we can basically own these assets for a long period and take advantage of utility programs and maximize how much value we pull out of the assets at a given site. And I think one of the key tools that we have is that we've made all the batteries and all the systems that solve these bridge power problems relocatable. So we have the actual ability to physically relocate these assets to new sites when we're done solving a bridge power problem. And let's say the utility upgrade has arrived. I think that's been a critical element of executing this energy as a service agreement lease model is the ability for the customer to not have to foot that entire CapEx. And instead Critical Loop does, we are able to lease it to them, make good returns, and then continue to extract value out of the asset over its useful life, which can be a couple of decades.
Gemma Allen
>> Well, multi-purpose mobile assets that you can sweat over a prolonged period certainly sounds like a very attractive investment thesis. Bala, thank you so much for joining us on NYSE Wired.
Bala Ramamurthy
>> Yeah, great talking to you today.
Gemma Allen
>> I'm Gemma Allen here at theCUBE Studio at the New York Stock Exchange. This is NYSE Wired, powering tomorrow. Thanks for watching.
>> Palo Alto Studio Connection, Silicon Valley and Wall Street.
Bala Ramamurthy
>> I'm John Furrier, co-host of theCUBE here with Dave Vellante, my co-host.
Gemma Allen
>> Welcome back to theCUBE studio here at the New York Stock Exchange. I'm Gemma Allen, co-host of NYSE Wired's Powering Tomorrow. And today we are talking about how AI and this world has never needed as much power as it does this moment right now. And America's power grid is basically saying, get in line. Critical Loop is trying to solve that bottleneck using batteries, software, and modular power systems to get businesses powered in weeks rather than waiting years for the grid. Bala Ramamurthy went from helping make SpaceX Falcon 9 safe for humans to tackling one of the biggest infrastructure problems of this boom. Bala, welcome to NYSE Wired.
Bala Ramamurthy
>> Great to meet you, and thanks for having me on.
Gemma Allen
>> So you've had a pretty fascinating backstory. You were 12 years at SpaceX. And like I mentioned there in my opening, you were heavily involved in the mission that was Falcon 9. You're now solving for what is essentially one of the biggest challenges of this technical revolution era we're in. Maybe give me a little bit of the backstory about it. Talk me through the OG moment of reckoning where you thought, you know what, I'm going to go ahead and set up this company and solve one of society's biggest challenges.
Bala Ramamurthy
>> Yeah, that's a great question. I love solving complex systems problems. And to me, next to spacecraft and, going— sending astronauts to space, some of the most challenging problems that exist today that are fundamental to how every industry operates is energy. you can't do modern civilization without energy in some format and power specifically, meaning how much of it you can get in the amount of time you need. Is a major challenge. And I've worked in factories in different capacities throughout my career and was beginning to think about, reindustrialization, the changing supply chain, and kind of the challenges that needed to be surmounted to set up a factory in the US. And one of the things seems to be that you need power and utilities have challenges to deliver sufficient power fast enough. And this seemed like a really fascinating and important area to address. Industrial customers consume a lot of power and, form some of the key underpinnings of the modern grid. And so, yeah, it was kind of a deep study into that problem with my co-founders that kind of led to this idea of why don't we tackle industrial power solutions and figure out how to get megawatts to people much quicker than the, utility interconnection currently allows.
Gemma Allen
>> So when you hear it explained like that, you think, wow, that's a no-brainer, right? Let's just solve for the grid by building our own miniature version of it. But that's also highly complicated. There is, I'm sure, many, many, many reasons that the grid and the challenges that we have around energy and power in this country are as they are. Talk me through the layers by which you need to create this, right? Because it's kind of software, hardware, politics, regulatory, all combining into one product. Unstack it for me.
Bala Ramamurthy
>> Yeah, absolutely. The New York Times did a really cool article recently about the importance of transformers and some of this grid infrastructure. And that kind of tells you you need to build this complex hardware too, that requires a deep set of skills, sourcing materials in order to make grid upgrades. So the challenge we're seeing now in the modern distribution grid is that for the first time in many decades, we're having load growth. That is, people are consuming more power, and that's because new factories are getting built, electric vehicles have emerged, computation is happening at the edge, right? You have the neoclouds setting up their little data centers in different areas. So all of these things are— and also just the fact that the grid is old and is deteriorating— all this leads to the fact that you need to upgrade the grid. So that is often challenging, requires permits, and requires a lot of CapEx. And so the solution that Critical Loop looks at is like, how do you— the grid is fundamentally still underutilized. So there's this concept of grid flexibility, like 50% of the grid is not used. When you think about such an underutilized asset, you must use it better. So what Critical Loop does is that we take whatever power is available from the grid, store that in batteries, which are reducing in cost and can be deployed and it's an advanced technology at this point. We can deploy that at the point of consumption, like where the industrial customer is consuming that power. We throw batteries there, we suck in as much power as we can get from the grid. If there's supplemental generation at the site, solar or otherwise, we inject that power into the batteries too. And then we're able to deliver that power that can't be delivered over the traditional wires in the quantity that's needed when certain peak loads are happening, your peak AI inference happening or your heavy machinery kicking into gear. All these things consume a lot of power instantaneously. And what we do is we have batteries that bank this power and let you serve that power when these machines are running. And so, yeah, go ahead.
Gemma Allen
>> If I can interrupt you there for a second, you're selling batteries, but you're also selling time though, right? You're also selling capacity. Like how? Yeah. Describe that to me? What's the elevator pitch here if you're talking to a potential customer?
Bala Ramamurthy
>> Yeah, the elevator pitch is the following. Let's say the utility can only give you 5 megawatts of power. They can give you a certain amount of power, and how can you increase that? That power amount that the utility can provide is usually determined by whatever the main constraint is at that portion of the grid. It could be a transformer, it could be wires, It could be thermal limits during a very small portion of the year. So the value proposition is, hey, you might be gated by this problem that is occurring over a limited period of time. And until that section of the grid is upgraded, you're going to need a bridge solution to get as much power as you need. So Critical Loop offers a really flexible energy service agreement where the customer is basically just leasing capacity, right? You're just leasing capacity from Critical Loop to store and manage that power for the customer so that they can use it when they need it. And so the pitch is quite simple, like sign up with us for a lease for these assets. And we do all the orchestration. We determine, we do a power appraisal, we figure out how much power you're going to need based on the loads that you're going to have at the site. We determine what's the equipment that needs to be sited there. We get it permitted, we install it, we manage all of it with automation and software that reduces the operations and maintenance. So we really try to provide this experience to the customer where you should just be able to demand power and get it. And we like to be able to deliver that experience to the customer.
Gemma Allen
>> And the business model, it's capacity-based, it's subscription-based. How, what are the economics of this?
Bala Ramamurthy
>> Yeah, typically it looks like a multi-year lease for the batteries and other equipment at the site. Effectively, the people are leasing energy capacity from us. And then there may be other services that they might request from us for maintenance, but effectively you can think of it as very quite simply as a lease.
Gemma Allen
>> The data side of this is very interesting, right? Because you're obviously remotely monitoring this kind of miniature grid that you've created within all of these customer sites and looking at, like you mentioned, their capacity and loads and trying to understand how to utilize that. Talk me through that side of this business. You're obviously learning a lot, is there also a data play within this, like kind of longer term?
Bala Ramamurthy
>> Absolutely. We're sitting at the customer site intercepting kind of all the loads that are happening at the customer site. So we understand sort of the challenges to be able to achieve the requirements that the customer needs. Like nowadays, modern, like CNC machines, for example, or modern computers and data racks. These things have these interesting patterns of power consumption that might stress the traditional grid, but having these inverter and battery-based assets at the site allow us to smooth over some of these issues. And this data is really critical. We telemeter and monitor all this data. Of course, it's private to the customer and we can't share it with others, But it really allows us to serve the customer exactly the solutions they need as the problems and new needs emerge. As new loads come on at the customer site, we're in the best position to expand and give them additional capability.
Gemma Allen
>> You know, when we think about the world of smarter cities, right? This type of data would be so useful if it was actually created in a collectively useful way. I wanna ask you about my devil's advocate here is when I hear of a company like this and a technology and a use case like this, I think, why hasn't Tesla or Eaton or any of those other large companies just created their own version of this already? Why has there been such a dependency and somewhat of kind of, I guess, I may dare call it a toxic dependency on utilities for so long?
Bala Ramamurthy
>> Yeah, I think the key realization about the Critical Loop solution that we came to is that it's not a solution that is completely independent of the utility. We're just better utilizing what capacity the utility has and delivering sort of the gap that the utility can't realize today. I think all these companies are trying to solve or participate in this market in different capacities, like some are the manufacturers of equipment, some of those manufacturers' equipment Critical Loop might actually use. But I think what's unique about Critical Loop is that we can orchestrate across a wide range of these assets. We can orchestrate across batteries made by different manufacturers, batteries and generators made by different manufacturers, and we can control all of that and really provide this operations and maintenance layer that allows people to kind of seamlessly use— when you use the grid, you just assume everything is going to work. And so that's kind of the experience we want to deliver. And that really requires all this software and orchestration across assets. So I think that that flexibility ability to incorporate, we're not wedded to, we're a systems integrator in the best way in that we can pull all the available resources at a site and it doesn't exclusively have to be Critical Loop's hardware in some cases. And so, that's, I think, how we stand out.
Gemma Allen
>> Talk me through some customer examples, some clients, companies, manufacturing sites you've worked with, and what is the deployment like? How quickly can it go from a sales conversation to actual more efficient power management, live on a manufacturing site?
Bala Ramamurthy
>> Yeah, you'll be hearing more about this in the coming months, but across California we have a few campuses that we're working on industrial power solutions for where basically in each of those cases the utility was able to offer say 5 megawatts of power and then Critical Loop was able to step in and use all of our orchestration and toolkit to get that power to 10 megawatts, like double effectively the available capacity at the site. Some of the examples that we've talked about in public include Terawatt Infrastructure. We manage the microgrid at the San Diego Airport where basically it's a critical infrastructure facility and we've done stuff with folks like Cover, which manufactures ADUs, like we've managed to power their site. The setup, all our hardware is kind of designed to be rapidly stackable in a sense. We can deploy very quickly to a site once permits and other things have been issued and received. It's very easy for us to go integrate our hardware into the site and commission it really quickly. And we've actually done rapid response cases where we've set up the whole system, let's say a megawatt-scale microgridin a matter of hours. However, I'd say the typical experience for a permanent facility where our assets are going to sit around for a few years is on the order of a few months to work through different permits and sourcing the hardware and getting it to the site. Wow.
Gemma Allen
>> Well, there's certainly a timeline for this, that is for sure. So, Bala, last question to you. Talk me through the stage you guys are at as a company. I believe you raised Series A this year, some interesting investors. What's ahead? It sounds like a pretty capex heavy business too, right? Batteries and that type of spending ain't cheap. So talk me through the next 12 months, what's on the roadmap?
Bala Ramamurthy
>> Yeah, those are some great points. Critical Loop is about a 40-person-plus company. We're actively hiring folks, but we're expanding and we have live deployments with a variety of customers today. There are about 70 control nodes across California where we have telemetry and live power operations that are happening at all these sites. And we've managed to figure out the best methods to finance some of these projects. We take advantage of every incentive. We have the ability to find the right type of capital to deploy the CapEx. This is actually a very lucrative way to spend CapEx because we can basically own these assets for a long period and take advantage of utility programs and maximize how much value we pull out of the assets at a given site. And I think one of the key tools that we have is that we've made all the batteries and all the systems that solve these bridge power problems relocatable. So we have the actual ability to physically relocate these assets to new sites when we're done solving a bridge power problem. And let's say the utility upgrade has arrived. I think that's been a critical element of executing this energy as a service agreement lease model is the ability for the customer to not have to foot that entire CapEx. And instead Critical Loop does, we are able to lease it to them, make good returns, and then continue to extract value out of the asset over its useful life, which can be a couple of decades.
Gemma Allen
>> Well, multi-purpose mobile assets that you can sweat over a prolonged period certainly sounds like a very attractive investment thesis. Bala, thank you so much for joining us on NYSE Wired.
Bala Ramamurthy
>> Yeah, great talking to you today.
Gemma Allen
>> I'm Gemma Allen here at theCUBE Studio at the New York Stock Exchange. This is NYSE Wired, powering tomorrow. Thanks for watching.
