Arlington, Va.-based GridPoint Inc., a clean tech company whose smart grid platform benefits electric utilities, consumers and the environment, has announced a $120 million equity financing to fuel the company's acquisition strategy. Of the total amount, GridPoint recently received over $100 million and expects to receive the balance in the near future. In conjunction with the financing, which is being predominately funded by existing investors, all of the company's outstanding shares have been converted into common stock. To date, GridPoint has raised in excess of $220 million.
‘We are honored by the confidence placed in us by our investors,’ says Peter L. Corsell, president and CEO of GridPoint. ‘This financing will enable GridPoint to become the leading technology partner to utilities as they continue to build a more intelligent, efficient and reliable grid.’
GridPoint is working with several utilities, including Duke Energy and Xcel Energy, the later of which has selected the GridPoint Platform for its $100 million SmartGridCity initiative in Boulder, Colo.
SOURCE: GridPoint Inc.