GridPoint, Inc., a clean tech company that has developed a smart grid platform for utilities, announced a $120 million equity financing to fuel the company’s acquisition strategy.
Of the total amount, GridPoint recently received over $100 million and expects to receive the balance in the near future. In conjunction with the financing, which is being predominately funded by existing investors, all of the company’s outstanding shares have been converted into common stock. To date, GridPoint has raised in excess of $220 million.
Peter L. Corsell, President and CEO of GridPoint, said, "This financing will enable GridPoint to become the leading technology partner to utilities as they continue to build a more intelligent, efficient and reliable grid."
GridPoint is working with several utilities including Duke Energy (NYSE: DUK) and Xcel Energy (NYSE: XEL), which has selected the GridPoint Platform for its $100 million SmartGridCityTM initiative in Boulder, Colorado.
GridPoint’s platform applies information technology to the electric grid to provide utilities with an intelligent network of distributed energy resources that controls load, stores energy and produces power. The platform offers utilities a single interface, located in a utility’s control room, for managing a variety of distributed energy assets including plug-in electric vehicles, solar panels, wind turbines, advanced storage technologies and household devices such as thermostats, electric water heaters, pool pumps, etc.
First Acquisition
GridPoint also announced the acquisition of V2Green, a Seattle company that provides plug-in electric vehicle grid integration technology–including on-board vehicle communication devices–to enable utilities to “smart charge” electric vehicles anywhere within a service territory. This is the first step in GridPoint’s acquisition strategy, the company said.
“V2Green is a leading innovator in plug-in electric vehicle management and has been instrumental in defining standards for interfacing electric vehicles with the power grid,” said Peter L. Corsell, President and CEO, GridPoint. “V2Green’s best-in-breed software for electric vehicle management enhances our software platform and its corresponding benefits to utilities.”
V2Green’s integrated client-server solution and on-board vehicle communication device increase GridPoint’s smart charging capabilities by enabling utilities to manage charging of grid-aware vehicles in real time from any outlet within their service territory. Additionally, online interfaces provide data on vehicle performance, charging behavior and status for both the driver and the utility. V2Green has deployed its technology in pilot programs with Xcel Energy, Austin Energy and Seattle City Light.
“GM’s recent announcement on the availability of the Chevy Volt marks the beginning of a wave of plug-in electric vehicles to come,” said David Kaplan, Chairman and Chief Technology Officer. “GridPoint clearly understands how to provide electric utilities with an infrastructure that prepares the grid for their arrival.”
Plug-in electric vehicle management is essential to meeting a surge in demand for these vehicles, while at the same time alleviating stress on the grid. It will also allow utilities to optimize generation resources to reduce consumer costs and minimize the environmental impact of charging the millions of electric vehicles that are expected to come online in the years ahead. An Oak Ridge National Laboratory study found that 160 new power plants would be needed to handle additional load if all electric vehicles were plugged in at 5 p.m., however, if charging times were shifted to off-peak hours–known as smart charging–only zero to eight new power plants would be required.
“We have a great deal of synergy with GridPoint including our software-based approach to modernizing the grid,” said John Clark, President and CEO, V2Green. “Our combined capabilities will enable utilities to mitigate the impact of plug-in electric vehicles on the grid while reducing carbon emissions and providing their customers with reduced rates for off-peak charging.”
About GridPoint
GridPoint, Inc., a clean tech company, is the pioneer of an innovative smart grid platform that aligns the interests of electric utilities, consumers and the environment through an intelligent network of distributed energy resources that controls load, stores energy and produces power. The platform’s modular, scaleable and upgradeable architecture enables utilities to deploy proven technologies, (e.g., load control devices and advanced batteries) while creating a practical path for integrating new technologies (e.g., plug-in hybrid electric vehicles (PHEVs) and fuel cells). For consumers, the platform provides protection from power outages, increases energy efficiency through online energy management and integrates renewable energy, paving the way for the commercial success of solar and wind energy sources.
Loading...