High-profile smart grid company GridPoint, Inc. announced Monday that it has acquired ADMMicro, a developer of energy management systems for the commercial and industrial (C&I) sector.
Financial terms were not disclosed.
The acquisition extends GridPoint’s smart grid solutions to a broader customer base.
“The smart grid cannot be fully realized without integrating intelligent facilities that are equipped to automatically achieve optimum efficiency,” said Peter L. Corsell, CEO, GridPoint. “ADMMicro is an innovative company that has established a leading position in a rapidly expanding market segment. Our respective technologies are highly complementary and will benefit producers and consumers of electricity across the board.”
ADMMicro helps clients cost-effectively manage their facilities to increase energy efficiency. The Roanoke, Virginia-based company’s energy management and submetering systems automatically monitor and control energy consumption, including HVAC systems and lighting, and provide customers with online reports.
ADMMicro’s proven C&I systems, which are in use at thousands of sites nationwide, will enhance GridPoint’s portfolio of software solutions, which aggregate and manage distributed sources of load, storage and generation for utilities and their residential customers. GridPoint’s software allows utilities to efficiently balance supply and demand and improve grid reliability and empowers consumers with user-friendly tools to manage energy consumption.
The utility market remains a core focus for GridPoint, which said it will continue to develop products and services that redefine relationships between utilities and their customers. For example, the extension of GridPoint’s solutions into the C&I market creates new opportunities for utilities to engage enterprise customers in demand response and load reduction programs.
ADMMicro has been featured in Fortune magazine and was recognized with a 2009 Rising Star Award by the NewVA Corridor Technology Council, which serves the growing technology industry in the region encompassing Roanoke, Blacksburg and surrounding counties.
GridPoint is working with utilities including Austin Energy, Duke Energy (NYSE: DUK), Sacramento Municipal Utility District (SMUD) and Xcel Energy (NYSE: XEL). The company’s interoperable enterprise-class server technology enables utilities to rapidly integrate and manage emerging technologies, resulting in a practical path to developing a clean, efficient 21st century grid.
GridPoint has raised in excess of $220 million to fuel its development and acquisition strategy. Investors include Altira Group, Craton Equity Partners, Goldman Sachs Group, New Enterprise Associates (NEA), Perella Weinberg Partners, Quercus Trust, Robeco and Susquehanna International Group (SIG). GridPoint was recently named to the Global Cleantech 100 and was selected by the World Economic Forum as a Technology Pioneer in 2008.
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