GridPoint acquisition represents TFC Utilities’ commitment to the
mass adoption of behind the meter technologies that directly benefit
customers and modernize the electric power system
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.
About GridPoint
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.
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