GridPoint Raises $16 Million In Series B Financing
Altira Group Leads Round Followed by Standard Renewable Energy Group and Advantage Capital Partners
WASHINGTON - May 17, 2006 - GridPoint, Inc., a provider of intelligent energy management (IEM) products, today announced that it recently closed a $16 million Series B financing to fuel sales and marketing efforts, as well as broaden the company's product offerings. The round was substantially oversubscribed. The lead institutional investor is the Altira Group, a leading capital provider to innovative energy technology companies. Additional institutional investors include Standard Renewable Energy Group and Advantage Capital Partners.
GridPoint has also built a syndicate of distinguished private investors, including former U.S. Senator Bill Bradley and noted technology author Esther Dyson. "I am pleased that our Series B financing attracted so much interest," said Peter L. Corsell, President and CEO of GridPoint. "We thank our investors for their support of our vision and we look forward to rewarding their confidence."
GridPoint also announced that Jim Newell, a Partner with Altira, has joined the company's board of directors. Mr. Newell, a CPA, has more than 25 years' experience as an investor, entrepreneur, and financial executive in the energy, venture capital, software development, manufacturing and banking industries. Mr. Newell has served or currently serves on the boards of directors of Altira portfolio companies Coherence Technology Company, Davidson Instruments, Enerpulse, Fideris, Pixxures, RigNet, Southwest Windpower, Varidigm, WindLogics and WorldTelemetry.
"GridPoint is meeting a real need in terms of demand management and alleviating a pain point for consumers with its innovative products," said Mr. Newell. "In addition, GridPoint's management team is an exceptionally strong and qualified group, and I look forward to working with them."
GridPoint's IEM products provide clean, reliable backup power, integrate renewable energy sources and automatically manage energy efficiency for the home or business. The GridPoint Connect Series was recently named winner of Green Builder Magazine's Most Innovative Product Award and serves as the hub for solar technologies in the BASF Better Home, Better Planet Initiative: Near Zero Energy House, unveiled last month in Paterson, N.J. The Washington Business Journal has recognized GridPoint as one of the region's 50 best places to work.
About GridPoint
GridPoint builds intelligent energy management (IEM) products to provide protection from power outages, reduce energy costs and manage energy efficiency for the home and business. GridPoint IEM appliances provide traditional and renewable energy users with instant, automatic backup power based on clean, high-capacity, battery-based technology. GridPoint products also offer the renewable energy user a superior way to integrate alternative energy sources. GridPoint's single cabinet, "plug-and-play" appliances are easy to install and sold through a network of premium home builders, utilities, retail chains and government entities as well as installers and contractors of electrical, heating, air-conditioning, home automation and renewable energy systems.
On the Net: www.gridpoint.com
About Altira Group
Altira Group, based in Denver, Colorado, is a venture capital firm focused exclusively on energy technology. Altira looks for promising technology companies in the areas of oil and gas, clean energy and power. The firm targets market entry opportunities with initial investments ranging from $1 to $10 million.
On the Net: www.altiragroup.com
About Standard Renewable Energy Group
Headquartered in Houston, Standard Renewable Energy Group finances nascent energy technologies and services. Its investment objective is to achieve long-term capital appreciation from seed and early-stage venture capital investments in companies that aim to bring new commercially viable technologies and services to the energy industry.
On the Net: www.standardrenewables.com
About Advantage Capital Partners
Advantage Capital Partners is a private equity firm focused on investing in promising companies in connection with federal, state and local economic development efforts. With offices and partners in Washington, D.C., New York and other cities, Advantage has raised more than $700 million in institutional venture capital since 1992 and invested in companies located in geographic areas underserved by traditional venture capital.
On the Net: www.advantagecap.com
Contact Information
Suzanne Lauer
703.862.3137 or slauer@gridpoint.com
Media Contact
Suzanne Lauer
(703) 862-3137 or
slauer@gridpoint.com