Washington, DC [RenewableEnergyAccess.com] Clean tech company, GridPoint, Inc., announced that it has recently closed a $48.5 million Series D financing led by Goldman Sachs Group and Susquehanna Private Equity Investments, an affiliate of Susquehanna International Group (SIG).
GridPoint is the pioneer of a smart grid platform that aligns the interests of electric utilities, consumers and the environment. The platform applies information technology to the electric grid to provide utilities with an intelligent network of distributed resources (e.g., advanced load control devices, batteries, solar systems) that reside at the point of consumption—the home or business.
During peak demand periods, the platform enables utilities to efficiently balance supply and demand by discharging stored power or reducing loads with minimal impact on customers (i.e., controlling temperature versus shutting down air conditioners). Utilities can also optimize existing baseload generation assets and relieve stress on transmission and distribution (T&D) lines.
For consumers, GridPoint’s platform provides protection from power outages, increases energy efficiency through online energy management and integrates utility-controlled renewable energy systems, paving the way for the commercial success of residential and light commercial solar and wind energy sources.
“This significant financing demonstrates investor confidence in building an intelligent electric grid that integrates distributed clean technologies,” said Peter L. Corsell, President and CEO of GridPoint. “Just as the Internet forever changed communication and commerce, the Smart Grid will revolutionize the delivery and consumption of electric power.”
Other new GridPoint shareholders include New Enterprise Associates (NEA), Perella Weinberg Partners, and Robeco, a subsidiary of Rabobank Group. Since the company’s inception in November 2003, GridPoint has raised $88 million in equity capital.