Goldman Sachs, Shell Ventures Invest $75 Million in GridPoint
A Brief Summary
Building energy management and optimization technology company, GridPoint, announced the closing of a $75 million capital raise led by Goldman Sachs Management's Sustainable Investing Group and shell's venture capital arm, shell ventures.
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The energy management and optimization technology platform of GridPoint connects energy grids with the built environment and behind-the-meter distributed energy resources that will help decarbonize commercial buildings and accelerate grid modernization. The platform is now being used in more than 15,000 buildings from several industries.
Mark Danzenbaker, CEO of 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. 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 says the money raised will be used to develop its data analytics, intelligent automation and machine learning-focused technology platform and accelerate deployment of the solutions in more buildings through investments in sales, marketing, delivery, technology etc.
Vikas Agrawal, Managing Director at Goldman Sachs Asset Management, said: “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. 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.”
Peter L. Cornell, Chairman & Founder of GridPoint, said: “Goldman Sachs has been a strong supporter of GridPoint since the company’s early days. 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.”