Tendril announced today that it has purchased Massachusetts-based GroundedPower and secured an additional $23 million in funding.
The acquisition and additional investment are expected to accelerate the development and roll-out of Tendril’s end-to-end energy management and consumer engagement solution for energy providers.
Financial details of the acquisition were not made public.
GroundedPower is the creator of the Interactive Customer Engagement System (iCES) for consumer-driven energy management and efficiency.
“Our customers demand real, proven solutions for engaging consumers and enabling sustainable results for their Energy Efficiency programs. We researched the marketplace and selected GroundedPower because of their third-party validated, proven methodology for achieving world-class, behavioral-driven Energy Efficiency,” Tendril CEO Adrian Tuck said.
The purchase agreement includes GroundedPower’s iCES system as well as a developed sales pipeline to the public power market, specifically municipal and co-operative utilities.
The $23 million financing round includes new equity capital from TIAA-CREF as well as existing investors. The additional funding will be used to complete the GroundedPower acquisition and further accelerate the development of Energy Efficiency and consumer engagement tools within the Tendril platform.
Tendril’s energy management platform includes in-home products and applications as well as utility applications such as Demand Response and back office integration. Tendril is currently involved in 20 Smart Grid pilot programs in 14 U.S. states.
The company venture-backed by VantagePoint Venture Partners, Good Energies, RRE Ventures and GE (NYSE: GE).
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