Business Impact

What Credit Crunch?

Smart grid player GridPoint snaps up $120 million in financing.

Sep 23, 2008

The severe credit crisis rippling through the markets didn’t stop GridPoint–an Arlington, VA, startup that makes software for smart management of the power grid–from securing $120 million in equity financing, announced yesterday. “Really high quality deals will continue to get funded, despite the current turmoil,” Peter Corsell, the company’s president and CEO (and a member of this year’s TR35), told me at a smart-grid conference in Washington, D.C. He said the money will be used to acquire other startups, starting with V2Green, a company that makes smart-grid software for recharging plug-in hybrids and other electric vehicles. GridPoint is a key player in an effort to upgrade the power grid in Boulder, CO, working with utilities including Duke Energy and Xcel Energy. GridPoint’s software provides utilities and consumers a Web-based portal to manage and control electrical demand; it can do things like shut off electric water heaters and pool pumps temporarily in times of high demand. To date, GridPoint has raised more than $220 million.