GridPoint Closes $75M Strategic Investment from Goldman ...

GridPoint Closes $75M Strategic Investment from Goldman Sachs Asset Management and Shell Ventures. New investment will accelerate deployment ... March01,202206:00AMEasternStandardTime RESTON,Va.--(BUSINESSWIRE)--GridPoint,aleaderinbuildingenergymanagementandoptimizationtechnologythatdecarbonizescommercialbuildingsanddrivesgridmodernization,todayannouncedithascloseda$75millionstrategiccapitalraiseledbytheSustainableInvestingGroupwithinGoldmanSachsAssetManagement,withadditionalparticipationbyShellVentures. “GoldmanSachshasbeenastrongsupporterofGridPointsincethecompany'searlydays,”saidPeterL.Corsell,Chairman&FounderofGridPointandGlobalInfraTechFundPartneratISquaredCapital.“WearenowdelightedtoworkcloselywithGoldman’sSustainableInvestingGroupandShellVenturesinthisnext,importantchapterofGridPoint’sgrowth.” “GridPointisanidealfitfortheclimateandsustainabilitygoalsofourbusinessandwebelievetheaddressablemarketismassivewithover30millioncommercialbuildingsunder200,000squarefeetacrosstheworld,”saidVikasAgrawal,managingdirectorwithinGoldmanSachsAssetManagement.“Byleveragingextensivedata,automationandcontrolstocontinuouslyoptimizebuildingassets,GridPoint’splatformprovidesimmediateenergysavingstocustomersandagatewaytointegratingadditionalgrid-interactiveassetslikeEVchargers,generators,andstorage.” Shell’sglobalcorporateventurecapitalarm,ShellVentures,isdedicatedtoadvancinginnovativetechnologiesandnewbusinessmodelsthathavethepotentialtoacceleratetheenergytransition.Itpartnerswithcompaniesthathelploweremissions,electrifytheenergysystem,increasedata-basedinsightsandprovideinnovativesolutions.TheinvestmentfromShellVenturesadvancestofurtherShell’sexistingrelationshipwithGridPointasachannelpartner. “ThisnewinvestmentwillbetransformationalforGridPointandisparticularlytimelyduetoconvergingtrendsandmajordisruptionsimpactingenergyreliabilityandcostsforcommercialbusinesses,”saidMarkDanzenbaker,CEOofGridPoint.“Byprovidingthetechnologynecessarytotransformcommercialbuildingsintosustainablegridresources,GridPointisreducingenergycostsandincreasingresiliencyforcustomers,drivinggridmodernizationandacceleratingthetransitiontoasustainableenergyfuture.” GridPointwillusetheproceedsofthisinvestmenttocontinuedevelopingitstechnologyplatformthatmakesbuildingssmarterandmoresustainablethroughdataanalytics,intelligentautomationandmachinelearning.ItwillalsoacceleratethedeploymentofGridPoint’sinnovativesolutionsinmorebuildingsand,inturn,acceleratethesubstantialimpactofitstechnologyonutilitiesandenergygrids.FundswillbeusedtoaccelerategrowthbyinvestinginGridPoint’stechnology,sales,marketing,delivery,andcustomersuccessteams. OtherGridPointinvestorsincludeISquaredCapital,TOMSCapital,TwentyFirstCenturyUtilities,QVTFinancial,FortressInvestmentGroupandKensingtonCapitalPartners. AboutGridPoint GridPointisaleaderinbuildingenergymanagementandoptimizationtechnologythatdecarbonizescommercialbuildingsanddrivesgridmodernization.GridPoint’sdata-drivenplatformconnectsenergygridswiththebuiltenvironmentandbehind-the-meterdistributedenergyresources,enablingtheabilitytooptimizeenergyandsustainabilitygoalsforbusinessesandthegridatthesametime.GridPoint’stechnologyplatformisdeployedin15,000+commercialbuildingsacrossmultipleindustries.Leveragingdataanalytics,intelligentautomationandmachinelearningtodeliverunprecedentedvisibilityintocomplexbuildingoperations,GridPointreducesenergycosts,maximizesdecarbonization,providesactionablefacilityinsightsandstrengthensresiliency–buildingbybuilding.Networkedtogether,buildingswithGridPointIntelligence™aggregatethereliable,preciseandinstantaneouscapacitythatenergygridsincreasinglyrequire.GridPoint’sintelligentenergynetworkofbuildingsisdrivinggridmodernizationandacceleratingthetransitiontoasustainableenergyfuture.Formoreinformation,visithttps://www.gridpoint.com. AboutGoldmanSachsAssetManagement Bringingtogethertraditionalandalternativeinvestments,GoldmanSachsAssetManagementprovidesclientsaroundtheworldwithadedicatedpartnershipandfocusonlong-termperformance.AstheprimaryinvestingareawithinGoldmanSachs(NYSE:GS),wedeliverinvestmentandadvisoryservicesfortheworld’sleadinginstitutions,financialadvisorsandindividuals,drawingfromourdeeplyconnectedglobalnetworkandtailoredexpertinsights,acrosseveryregionandmarket—overseeingmorethan$2trillioninassetsundersupervisionworldwideasofDecember31,2021.Drivenbyapassionforourclients’performance,weseektobuildlong-termrelationshipsbasedonconviction,sustainableoutcomesandsharedsuccessovertime.FollowusonLinkedIn. AboutShellVentures ShellVenturesisthecorporateventurecapitalarmofShell.WithmajorofficesinEurope,theUSA,IndiaandChina,ShellVenturesinvestsininnovativetechnologycompanies,businessmodelsandgrowthplaystofurtherthedevelopmentofsolutionsandnewtechnologiesthathavethepotentialtoacceleratetheenergyandmobilitytransformation.Formoreinformation,visithttps://www.shell.com/shell-ventures. Contacts MediaContacts: KatieO’Shea GridPoint Email:[email protected] MichaelTebo GabrielMarketingGroup(forGridPoint) Phone:571-835-8775 Email:[email protected] ReleaseSummary ThenewfinancingwillacceleratethedeploymentofGridPoint'stechnologysolutionsforbuildingdecarbonization,sustainabilityandresiliency #Hashtags #GridResilience #EnergyTransition #GridStability #SmartBuildings #ESG #Sustainability #GreenTech #IoT #EnergyManagement #BuildingDecarbonization Contacts MediaContacts: KatieO’Shea GridPoint Email:[email protected] MichaelTebo GabrielMarketingGroup(forGridPoint) Phone:571-835-8775 Email:[email protected] SiteNavigation Home Home SubmitaPressRelease Services News AllNews NewswithMultimedia NewsbyIndustry NewsbySubject NewsbyLanguage Tradeshows&Events Education Overview Blog Distribution&Media Media&JournalistTools SamplePressRelease FindYourNewsOnline DisclosureResources AboutUs Overview BecomeaMember ContactUs Careers BusinessWireNewsroom BusinessWireEvents Search AdvancedNewsSearch AdvancedNewsSearch LogIn SignUp