GridPoint Inc., an Arlington, Va.-based smart-grid company, has raised an undisclosed amount of funding from Craton Equity Partners. The company previously raised around $220 million from backers like Goldman Sachs, New Enterprise Associates, Susquehanna Private Equity, Perella Weinberg Partners and Robeco.
Craton Equity Partners, a Southern California clean technology fund, has made an undisclosed capital commitment to GridPoint Inc., an Arlington, Virginia-based smart grid company that works with investor-owned utilities such as Duke Energy and Xcel Energy. GridPoint’s software platform offers solutions for smart grid-based energy efficiency, load management, renewable energy management, energy storage management and electric vehicle management.
“GridPoint is not only participating in what has emerged as a major market for energy efficiency and conservation, but has actually helped to create the market that exists today,” said Bob MacDonald, a Managing Partner of Craton Equity Partners.
“With an early lead on the competition, GridPoint is already demonstrating its ability to anticipate and meet the rapidly changing needs of utilities in an era of flux, uncertainty, and increasing pressure to achieve environmental milestones,” added Tom Soto, Managing Partner of Craton.
The GridPoint platform applies information technology to the electric grid to provide utilities with an intelligent network that controls load, stores energy and produces power. The platform also offers utilities a single interface for managing distributed energy assets, including plug-in electric vehicles, solar panels, wind turbines, advanced batteries and household devices such as thermostats and electric water heaters.
Craton expects that any substantial growth in clean energy production or funding to energy efficiency initiatives will consequently create opportunities in the smart grid market, adding that this sector could be “one of the single biggest contributors to carbon reduction.”
For more information, visit cratonep.com.