Goldman Sachs, Shell Ventures Invest $75 Million in Buildings Decarbonization Tech Provider GridPoint
Building energy management and optimization technology company GridPoint announced today a $75 million strategic capital raise, led by Goldman Sachs Asset Management’s Sustainable Investing Group, and with participation by Shell’s global corporate venture capital arm, Shell Ventures.
GridPoint’s energy management and optimization technology platform connects energy grids with the built environment and behind-the-meter distributed energy resources, helping to decarbonize commercial buildings and driving grid modernization. The platform is deployed in over 15,000 commercial buildings across multiple industries.
Mark Danzenbaker, CEO of GridPoint, said:
“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. 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.”
According to GridPoint, the investment proceeds will be used to continue the development of the company’s data analytics, intelligent automation and machine learning-focused technology platform, and to accelerate deployment of the solutions in more buildings by enabling investments in technology, sales, marketing, delivery, and customer success teams.
Vikas Agrawal, Managing Director at Goldman Sachs Asset Management, said:
“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. By leveraging extensive data, automation and controls to continuously optimize building assets, GridPoint’s platform provides immediate energy savings to customers and a gateway to integrating additional grid-interactive assets like EV chargers, generators, and storage.”
Peter L. Corsell, Chairman & Founder of GridPoint, said:
“Goldman Sachs has been a strong supporter of GridPoint since the company’s early days. We are now delighted to work closely with Goldman’s Sustainable Investing Group and Shell Ventures in this next, important chapter of GridPoint’s growth.”