Smart Grid sector
sees rare IPO
Group, llc, a global clean energy communications and consulting firm, released
its report on funding and mergers and acquisitions (M&A) activity for the
smart grid sector for the third quarter of 2013.
Smart grid venture
capital (VC) funding in Q3 2013 totaled $65 million in 12 deals compared to $50
million in 10 deals in Q2 2013. VC funding in the sector has remained flat at this
level over the last eight quarters, with the exception of Q3 2012 when $238
million was raised. Total corporate funding in the sector was $129 million,
including the $64 million raised in an IPO.
slightly up this quarter. We also saw a rare IPO this quarter,” commented Raj
Prabhu, CEO of Mercom Capital Group.
The Top 5 VC deals
were led by Space-Time Insight, which raised $20 million from London-based
private equity fund Zouk Capital, which joined current investors Opus Capital
Ventures, EnerTech Capital and Novus Energy Partners. On-Ramp Wireless raised
$15 million from new investor Enbridge along with existing investors Third Wave
Ventures and Energy Technology Ventures. This brings the total amount raised in
its Series C round to $31 million.
Varentec raised $8
million from Bill Gates and Khosla Ventures. This was a new addition to Bill
Gates’ collection of energy investments. Bidgely raised $5 million also from
Khosla Ventures; and WaterSmart raised $4.5 million from Physic Ventures,
Draper Fisher Jurvetson, Apsara Capital and The Westly Group.
Like the previous
quarter, home and building automation companies received the most funding with
$36 million in seven deals followed by grid optimization companies with $20
million in one deal.
There were four M&A transactions in Q3. Only one transaction,
Schneider Electric’s acquisition of Invensys for $5.2 billion, was disclosed.
This is Schneider Electric’s sixth smart grid acquisition.
The third quarter also saw a successful
exit in the IPO of Control4, a provider of automation and control solutions for
the connected home, which raised $64 million.
To learn more
about the report, visit: Smart Grid Q3 2013 Funding and M&A Report.
# # #
in Q3 2013:
Bidgely, Choose Energy, Control4, cyberGRID, Energy Curtailment Specialists,
Enmetric Systems, Invensys, NRG Energy, On-Ramp Wireless, People Power,
Power2Switch, Schneider Electric, Space-Time Insight, Tado, TM3 Systems,
Toshiba Corporation, TROVE Predictive Data Science, Varentec, WaterSmart
Software, Xtreme Power