, one of the largest companies in the emerging smartgrid sector, announced that it has brought in an undisclosed sum from Craton Equity Partners. Already working with several investor-owned utilities like Duke Energy Corp. and Xcel Energy, GridPoint says its system automatically manages energy loads and storage, integrates renewable sources and can be used to power electric vehicles more efficiently.
That last function is of particular importance to GridPoint, which acquired V2Green, a company that makes smartgrid software for plug-in electric vehicles, last September. The purchase was definitely forward-looking, as vehicles that could take advantage of V2Green have barely begun to exist. (Cars plugged into the smartgrid recharge their batteries during the times of day when energy is the cheapest.) Even so, the deal is indicative of GridPoint’s desire to distinguish itself from what is becoming a large flock of competitors — and perhaps its intention to branch into transit applications.
Companies like well-established Trilliant, Silver Spring Networks, Ambient, SmartSynch and others already offer similar energy management solutions that wirelessly communicate energy consumption data to both the utilities and the users. In addition to its interest in cars, GridPoint distinguishes itself by tying in alternative sources of energy, including rooftop solar panels, wind turbines and advanced battery systems in home and commercial settings. It also provides close monitoring of specific appliances in a space, like a refrigerator, water heater or thermostat. During peak energy periods, GridPoint’s system helps utilities balance supply and demand by discharging stored power and reducing unnecessary consumption where possible.
Craton, the round’s backer, has placed a lot of bets on cleantech concepts lately, financing green building, heat-exchange and biofuel enterprises in addition to smartgrid companies. While the amount of this investment hasn’t been released, it’s probably substantial. Arlington, Va.-based GridPoint raised $120 million in September (at the same time as its V2Green buy) from Goldman Sachs, New Enterprise Associates, Susquehanna Growth Equity, Perella Weinberg Partners and Robeco. At the time, the company said the money would help fuel an acquisition strategy, which remains to be seen. Not counting the recent funds, it has raised $220 million over five rounds.
