GridX, a provider of cloud-based business operations support solutions to utilities and energy suppliers, has raised $40 million in a Series C funding round led by Energy Impact Partners.
Other participants include Moore Strategic Ventures (MSV), Sunfox Capital, and NGP ETP.
In conjunction, Hunter Horgan of MSV joined the company’s board of directors. GridX also announced that Chris Black had been appointed CEO of GridX.
Both moves aim to speed the clean energy transition by accelerating the development of GridX’s rate analytics and complex billing solutions and building out its sales and marketing, product, and engineering teams.
“Following our initial investment in GridX in 2021, the imperative to eliminate carbon from our economy has grown leaps and bounds,” said Lindsay Luger, Co-Founder & Partner, Energy Impact Partners. “While solutions to this generational challenge are still emerging, one thing is certain – electrification, adoption of distributed energy resources, and increasingly complex rate structures demand the type of advanced analytics solutions provided by GridX.”
The energy industry is undergoing the largest transition since the advent of electricity. Utilities worldwide have committed to dramatically reducing or eliminating carbon from our economy over the next 30 years. Critical to that effort is electrifying transportation and heating, increasing the adoption of distributed energy resources like smart thermostats, solar, and storage, and helping customers shift their usage to times of the day when energy is most sustainable. GridX sits at the intersection of these trends with analytics solutions that manage the deployment of increasingly complex rate structures.
According to Mercom Research, in Q2 2021, GridX closed its Series B funding of $12 million led by Energy Impact Partners, an investment platform focused on a sustainable energy future.
According to Mercom’s recently published Q1 2022 funding and M&A report for storage, Grid & Efficiency, VC funding for Smart Grid companies increased 9% in Q1 2022 with $312 million in 12 deals compared to $287 million in 10 deals in Q1 2021.