Twenty First Century Utilities has acquired GridPoint, an Arlington, Virginia-based cleantech company. No financial terms were disclosed. GridPoint’s backers included Goldman Sachs and New Enterprise Associates.
Arlington, VA ––November 13, 2015 –– 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.
GridPoint is an innovator in comprehensive, data-driven energy management and energy control solutions (EMS) that leverage the power of real-time data collection, big data analytics and cloud computing to maximize energy savings, operational efficiency, capital utilization and sustainability benefits. GridPoint’s integrated energy management portfolio of asset-level submetering and monitoring, intelligent control, energy management software and professional services can generate energy savings up to 30% and an 18-36 month payback.
GridPoint solutions are deployed at over 11,000 sites with over 100 billion customer data points collected to date, and 75 million added daily. Customers include 5 of the top 10 retailers by total sales, 3 of the top 10 casual dining restaurants, 5 of the top 20 quick serve restaurants, leading commercial and industrial enterprises and major government and educational institutions. To learn more, visit
GridPoint.com, and keep up with the latest GridPoint news via LinkedIn
linkedin.com/company/gridpoint and Twitter @GridPoint.
About TFC Utilities
TFC Utilities, LLC is working to transform regulated utilities with a twenty first century model that drives mass adoption of clean, low cost energy producing and energy saving technologies.
We invest in, operate and optimize moderate-sized regulated utilities through an approach that sets us apart including our Million Rate Base model – a commercial accelerator that enables millions of customers to adopt their preferred energy resources in an affordable manner. Our approach creates utilities with community centered decision making that embrace transformational technologies to modernize the electric power system from generation to consumption.
Our leadership team – with deep experience in utility management and operations, energy infrastructure development and optimization, and innovative technology commercialization – is demonstrating how regulated utilities can become modern, adaptive and responsive energy partners for their communities and provide a cleaner, lower cost and sustainable energy future. To learn more, visit TFCutilities.com.