GridPoint, an Arlington, Virginia-based company that has developed a "smart grid" platform, today announced $120 million in equity financing to support 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 a separate announcement today, GridPoint said that it has acquired V2Green, a Seattle-based company that provides plug-in electric vehicle grid integration technology.
In conjunction with GridPoint's new financing, which is being predominately provided by existing investors, all of the company’s outstanding shares have been converted into common stock. Since GridPoint's founding in 2003 it has raised more than $220 million from investors including Altira Group, Goldman Sachs Group, New Enterprise Associates (NEA), Perella Weinberg Partners, Quercus Trust, Robeco, and Susquehanna International Group (SIG) (for more details, see prior Green VC coverage).
"We are honored by the confidence placed in us by our investors," said Peter L. Corsell, President and CEO, GridPoint. "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 and Xcel Energy, which has selected the GridPoint Platform for its $100 million SmartGridCity(TM) initiative in Boulder, Colorado. GridPoint's SmartGrid Platform(TM) 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. An illustration of how the GrindPoint Platform works is provided below (click for full-size image):
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