Smart energy network solutions provider AutoGrid raised US$20m in Venture Capital from a consortium of investors, to accelerate adoption of Industrial IoT applications.In a press statement, the California (US) based solutions company said it will use the capital to expand the marketing, sales and adoption of its Energy Internet suite of applications technologies in North America, Asia and Europe.
The consortium of investors include the UK and US utilities backed fund Energy Impact Partners (EIP) and Silicon Valley-based fund, Envision Ventures.
The Energy Impact Partners comprises of US power utilities Southern Company, Xcel Energy and Oncor and UK power utility National Grid. EIP provides capital to projects aiming to optimise energy consumption and improve sustainable power generation.
[quote] Global renewable energy developers Envision Energy, and power utility E.ON are also part of the consortium helping AutoGrid to raise the funds, states a company release.
Susana Quintana-Plaza, Senior Vice President of Innovation at E.ON said AutoGrid “provides us with data science capability to better understand our customers’ energy production and consumption, and how to integrate both into our system.”
Dr. Amit Narayan, CEO of AutoGrid added: “We are excited to work with our global consortium of strategic investors, who not only bring the needed capital but the benefit of extensive interactions with their business units to inform our product roadmap.
“This investment will help accelerate our mission of creating software that can leverage data to power our future energy needs, eliminating our dependence on unsustainable fossil-fuels,” reiterated Narayan.
The development follows the company’s rapid growth in its operations in 2015 highlighted by a 350% increase in distributed energy resources projects under contract.
AutoGrid in N.America
The development follows the selection of AutoGrid by the New Hampshire Electric Cooperative (NHEC) for the rollout of demand response (DR) programmes.
The collaboration allowed NHEC to launch three new separate platforms namely the Behavioral Demand Response (BDR), Time of Use (TOU)/Critical Peak Pricing (CPP) and the Direct Load Control (DLC) to help residential, and small and medium businesses to reduce their consumption during peak periods.
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