New investment will accelerate deployment of GridPoint’s advanced technology solutions for commercial building decarbonization, sustainability and resiliency
RESTON, Va.–(BUSINESS WIRE)–#BuildingDecarbonization—GridPoint, a leader in building energy management and optimization technology that decarbonizes commercial buildings and drives grid modernization, today 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.
“Goldman Sachs has been a strong supporter of GridPoint since the company’s early days,” said Peter L. Corsell, Chairman & Founder of GridPoint and Global InfraTech Fund Partner at I Squared Capital. “We are now delighted to work closely with Goldman’s Sustainable Investing Group and Shell Ventures in this next, important chapter of GridPoint’s growth.”
“GridPoint is an ideal fit for the climate and sustainability goals of our business and we believe the addressable market is massive with over 30 million commercial buildings under 200,000 square feet across the world,” said Vikas Agrawal, managing director within Goldman Sachs Asset Management. “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.”
Shell’s global corporate venture capital arm, Shell Ventures, is dedicated to advancing innovative technologies and new business models that have the potential to accelerate the energy transition. It partners with companies that help lower emissions, electrify the energy system, increase data-based insights and provide innovative solutions. The investment from Shell Ventures advances to further Shell’s existing relationship with GridPoint as a channel partner.
“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.”
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.
Other GridPoint investors include I Squared Capital, TOMS Capital, Twenty First Century Utilities, QVT Financial, Fortress Investment Group and Kensington Capital Partners.
About GridPoint
GridPoint is a leader in building energy management and optimization technology that decarbonizes commercial buildings and drives grid modernization. GridPoint’s data-driven platform connects energy grids with the built environment and behind-the-meter distributed energy resources, enabling the ability to optimize energy and sustainability goals for businesses and the grid at the same time. GridPoint’s technology platform is deployed in 15,000+ commercial buildings across multiple industries. Leveraging data analytics, intelligent automation and machine learning to deliver unprecedented visibility into complex building operations, GridPoint reduces energy costs, maximizes decarbonization, provides actionable facility insights and strengthens resiliency – building by building. Networked together, buildings with GridPoint Intelligence™ aggregate the reliable, precise and instantaneous capacity that energy grids increasingly require. GridPoint’s intelligent energy network of buildings is driving grid modernization and accelerating the transition to a sustainable energy future. For more information, visit https://www.gridpoint.com.
About Goldman Sachs Asset Management
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of December 31, 2021. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes and shared success over time. Follow us on LinkedIn.
About Shell Ventures
Shell Ventures is the corporate venture capital arm of Shell. With major offices in Europe, the USA, India and China, Shell Ventures invests in innovative technology companies, business models and growth plays to further the development of solutions and new technologies that have the potential to accelerate the energy and mobility transformation. For more information, visit https://www.shell.com/shell-ventures.
Contacts
Media Contacts:
Katie O’Shea
GridPoint
Email: media@gridpoint.com
Michael Tebo
Gabriel Marketing Group (for GridPoint)
Phone: 571-835-8775
Email: michaelt@gabrielmarketing.com
