GridPoint, a leading supplier of innovative, data-driven energy management solutions (EMS) for commercial, light industrial and utility markets, today announced it has been acquired by Twenty First Century Utilities, LLC (TFC Utilities).
TFC Utilities’ business model is to transform regulated utilities with a commercial and regulatory construct that drives mass adoption of clean, low cost energy producing and energy saving technologies. The GridPoint acquisition represents TFC Utilities’ commitment to behind the meter technologies that directly benefit customers while also modernizing and enhancing the efficiency of the electric power system.
“GridPoint customers have realized verified energy savings of over a quarter billion dollars because GridPoint’s technology uniquely enables customers to intelligently control the thermostats and circuits of energy consuming applications and receive detailed, real-time data on their consumption,” said Larry Kellerman, Managing Partner of TFC Utilities. “Mass adoption of customer controlled energy saving technologies like GridPoint’s, as well as clean energy producing technologies at the point of consumption, will alter the entire electric supply and delivery landscape to provide substantial economic and environmental benefits.”
TFC Utilities was launched earlier this year by Kellerman, a 35-year energy industry veteran with experience in all aspects of the electric utility and power generation industries, and Peter L. Corsell, an entrepreneur and investor known for developing and commercializing innovative energy and enterprise software technologies. Previously, Kellerman was CEO of Quantum Utility Generation, a private equity-funded power generation company, and a Partner at Goldman Sachs, where he built and led the firm’s wholly-owned power generation business. Earlier in his career, Kellerman led El Paso Corporation’s domestic power generation business, was the founding President of Citizens Power, and held various positions at regulated utilities Southern California Edison and Portland General Electric (PGE). Corsell founded and led GridPoint as CEO from 2003 to 2010, and has been recognized by MIT’s Technology Review as one of the world’s top innovators under age 35, by the World Economic Forum as a Young Global Leader, and by the National Association of Corporate Directors as a leading director under 40.
“TFC Utilities’ business model provides a commercial accelerator that will enable millions of customers to adopt the energy technologies they want in an affordable manner,” said Peter L. Corsell, Managing Partner of TFC Utilities and Chairman of GridPoint. “It eliminates longstanding barriers for GridPoint and other behind the meter technologies and, for the first time in the electric utility industry, creates a practical path for achieving a sustainable energy future.”
“We’re very excited about the opportunities TFC Utilities will bring to GridPoint’s customers as well as the broader clean tech industry,” said GridPoint CEO Todd Raba. “As we continue to develop innovative energy technologies, we look forward to working with TFC Utilities to further increase our market presence.”
This acquisition will enable GridPoint to accelerate its long-term strategic plan through significant new investments in its current industry-leading technology platform and expansion of its products and services for current and emerging market segments. GridPoint will operate as a subsidiary of TFC Utilities while maintaining its corporate identity and expanding its existing platform and operations.
Date: Nov 13, 2015