If any industry has been somewhat sheltered by the economic woes being experienced elsewhere it's the alternative energy sector. Sure, there undoubtedly are plenty of cleantech companies that aren't getting funded, but there is still a steady supply of money pouring into companies that are offering energy alternatives.
GridPoint Inc., whose smart grid platform helps utility companies to optimize electrical grid management, late Tuesday said it has raised a whopping $120 million in equity financing from its existing investors. The Arlington, Va.-based company has now raised $220 million.
GridPoint is working with several utilities including Xcel Energy, which has selected the company's platform for its $100 million SmartGridCity initiative in Boulder, Colo. The 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.
Though the company did not mention specific investors in the latest round announcement, its $48.5 million Series D round of financing in 2007 was led by Goldman Sachs Group and Susquehanna Private Equity Investments, with participation from Perella Weinberg Partners and Robeco. Among its other investors are the Altira Group, Standard Renewable Energy Group and Advantage Capital Partners.
GridPoint said it will be using the new funds to finance acquisitions and, in conjuction with the announcement, said has acquired V2Green, a Seattle company that provides plug-in electric vehicle grid integration technology to enable utilities to "smart charge" electric vehicles. -- David Shabelman
See Sept. 23 press release on funding round from GridPoint
See Sept. 23 press release on acquisition of V2Green from GridPoint
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