GridPoint, a well-funded smart-grid startup, raises $15M more

Chris Morrison | March 28th, 2008 |

GridPoint, a smart-grid company that can intelligently manage energy sources and storage for utilities, has pushed its total equity raise to $102 million with an add-on of $15 million to its fourth round.

The company works to distribute the power and storage of utilities, as well as tying in unreliable renewable sources like wind and solar power. The GridPoint SmartGrid Platform is the locus of these services, a node in homes and businesses that communicates back to the utility.

GridPoint had previously raises almost $50 million in its fourth round. The additional $15 million pushes the total for this round — perhaps the company’s last — to $63.5 million. Quercus Trust provided the additional amount as a strategic investment.

There are numerous other venture investors in the company, including Goldman Sachs, New Enterprise Associates, Susquehana Private Equity Investments, Perella Weinberg Partners and Robeco.

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