GridPoint, a building energy management and optimization technology provider, closed a $75 million strategic capital raise led by the Sustainable Investing Group within Goldman Sachs Asset Management (Goldman Sachs), with participation from Shell Ventures.
Existing investors I Squared Capital, TOMS Capital, Twenty First Century Utilities, QVT Financial, Fortress Investment Group, and Kensington Capital Partners also participated in the funding round.
GridPoint intends to use the new funds to deploy its technology platform that makes buildings more innovative and sustainable through data analytics, intelligent automation, and machine learning. The company said that the new funds would also accelerate the deployment of solutions for commercial buildings.
“This new investment will be transformational for GridPoint and is particularly timely due to converging trends and major disruptions impacting energy reliability and costs for commercial businesses,” said Mark Danzenbaker, CEO of GridPoint.
“By providing the technology necessary to transform commercial buildings into sustainable grid resources, GridPoint is reducing energy costs and increasing resiliency for customers, driving grid modernization and accelerating the transition to a sustainable energy future,” he added.
“GridPoint is an ideal fit for the climate and sustainability goals of our business, and we believe the addressable market is massive with over 30 million commercial buildings under 200,000 square feet across the world,” said Vikas Agrawal, a managing director within Goldman Sachs Asset Management.
According to Mercom’s 2021 Q4 and annual funding and M&A Report for storage, grid & efficiency, VC funding for energy efficiency companies came to $122 million in seven deals in 2021 compared to $291 million in 16 deals in 2020.