Arlington, Va. GridPoint, Inc., a clean tech company, has announced $120 million equity financing to support the company's acquisition strategy. Of the total amount, GridPoint recently received over $100 million and expects to receive the balance in the near future.
In conjunction with the financing, which is predominately funded by existing investors, all of the company's outstanding shares have been converted into common stock. To date, GridPoint has raised more than $220 million.
GridPoint also has announced that it has acquired V2Green, a Seattle-based company that provides plug-in electric vehicle integration technology. This technology will enable utilities to "smart charge" electric vehicles anywhere within a service territory. This is the first step in GridPoint's acquisition strategy.
GridPoint is working with several utilities including Duke Energy and Xcel Energy, which has selected the GridPoint Platform for its $100 million SmartGridCity initiative in Boulder, Colorado. V2Green has deployed its technology in pilot programs with Xcel Energy, Austin Energy and Seattle City Light.
The smart grid platform applies information technology to the electric grid to provide utilities with an intelligent network of distributed energy resources that controls load, stores energy and produces power. The platform offers a single interface, located in a utility's control room, for managing a variety of distributed energy assets including plug-in electric vehicles, solar panels, wind turbines, advanced storage technologies and household devices such as thermostats, electric water heaters, and pool pumps.