AutoGrid Secures Additional Funding to Accelerate Deployment of World's Largest Artificial Intelligence-Powered Flexible Energy Resources Network
Strategic investment from Shell Ventures to fuel AutoGrid's global market expansion
Jan 18, 2019, 11:00 ET
REDWOOD CITY, Calif., Jan. 18, 2019 /PRNewswire/ -- AutoGrid, the leader in flexibility management software for the energy industry, announced today that it has closed on a new equity investment from Shell Ventures LLC.
This funding comes as an extension to the Series D investment round announced in September from a powerful consortium of energy companies that includes CLP Group, innogy, National Grid, Ørsted, Tenaska, Energy Impact Partners, Envision Ventures and Total Energy Ventures.
This investment will further accelerate AutoGrid's deployment of AutoGrid's Energy Internet PlatformTM and AutoGrid FlexTM for artificial intelligence (AI)-driven predictive controlsTM of connected, distributed and flexible energy assets in real time and at scale.
"AutoGrid has pioneered the science of flexibility management that enables energy providers to mine and extract data to balance supply and demand in real time," said Geert van de Wouw, VP Shell Ventures. "We are pleased to join AutoGrid's investment round and looking forward to gaining insights on how to increase productivity and value across distributed energy assets."
"We're proud to have one of the leading global energy companies committed to the transition towards a low-carbon future as an investor and partner," said Dr. Amit Narayan, AutoGrid chief executive officer. "With the support of investors such as Shell, we're significantly advancing our mission to transform the global new energy system."
About Shell Ventures
Shell Ventures is the corporate venture capital arm of Royal Dutch Shell plc ("Shell"). Continuing Shell's tradition in venture capital since 1997, Shell Ventures' investment focus covers the full energy spectrum from O&G to renewable energy technologies and digital solutions. Shell Ventures is a strategic investor seeking technology companies and business models with energy solutions that can create substantial deployment value. Shell Ventures co-invests with other corporate investors and venture capital funds in both early stage and late stage (growth capital) companies, generally investing $2M-25M over the life cycle of the deal. For more information go to www.shell.com/shell-ventures.
AutoGrid builds software applications that enable a smarter distributed energy world. The company's suite of flexibility management applications allows utilities, electricity retailers, renewable energy project developers and energy service providers to deliver clean, affordable and reliable energy by managing networked distributed energy resources (DERs) in real time and at scale. AutoGrid has more than 5,000 megawatts of DERs under contract with Xcel Energy, National Grid, E.ON, CPS Energy, Total, NextEra Energy and over 35 other leading energy companies around the world. For more information, visit www.auto-grid.com.
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