Shell Ventures Participates In $75M Strategic Investment In Building Energy Management, Grid Modernization Company
March 2, 2022 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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GridPoint, a provider of building energy management and optimization technology that is said to decarbonize commercial buildings and drives grid modernization, announced it has closed a $75 million strategic capital raise led by the Sustainable Investing Group within Goldman Sachs Asset Management, with additional participation by Shell Ventures, Shell’s global corporate venture capital arm
"GridPoint will use the proceeds of this investment to continue developing its technology platform that makes buildings smarter and more sustainable through data analytics, intelligent automation and machine learning. It will also accelerate the deployment of GridPoint’s innovative solutions in more buildings and, in turn, accelerate the substantial impact of its technology on utilities and energy grids. Funds will be used to accelerate growth by investing in GridPoint’s technology, sales, marketing, delivery, and customer success teams," GridPoint said
"By leveraging extensive data, automation and controls to continuously optimize building assets, GridPoint’s platform provides immediate energy savings to customers and a gateway to integrating additional grid-interactive assets like EV chargers, generators, and storage," said Vikas Agrawal, managing director within Goldman Sachs Asset Management.
"The investment from Shell Ventures advances to further Shell’s existing relationship with GridPoint as a channel partner," GridPoint said
"This new investment will be transformational for GridPoint and is particularly timely due to converging trends and major disruptions impacting energy reliability and costs for commercial businesses," said Mark Danzenbaker, CEO of GridPoint. "By providing the technology necessary to transform commercial buildings into sustainable grid resources, GridPoint is reducing energy costs and increasing resiliency for customers, driving grid modernization and accelerating the transition to a sustainable energy future."