AutoGrid Details Additional $85M in Funding to Accelerate Deployment of Virtual Power Plants

REDWOOD CITY, Calif., Oct. 14, 2021 /PRNewswire-PRWeb/ -- AutoGrid Systems Inc, the world's leading Virtual Power Plant provider, announced a sizable new round of funding to accelerate energy transition through adoption of electric vehicles, battery storage and renewables generation. SE Ventures, the $500 million venture capital fund based in California, established by industrial major Schneider Electric led the Series D-2 round. Other major funding came from new investors, which included Moore Strategic Ventures, SolarEdge Technologies (NASDAQ: SDGE), Microsoft (NASDAQ: MSFT) Climate Innovation Fund, and GS Futures. Additional investors contributing are: National Grid Partners, Shell Ventures, and Total Carbon Neutrality Ventures.

The funding reinforces AutoGrid's leadership in acting as a catalyst to accelerate transition to new energy and combat climate change due to human activities. Funding will be used for general corporate purposes to advance global brand expansion and implementation of the technology roadmap. A portion of the funding is also set to be used to purchase equity back from certain existing shareholders.

"In order to successfully reduce our carbon footprint we need to face the harsh reality of our existing infrastructure," said James McIntyre, senior managing director and COO of Moore Strategic Ventures. "By enabling the complex interplay between utilities, renewable sources of energy, and end consumers, AutoGrid will allow for the rapid adoption of green technologies such as electric vehicles and rooftop solar."

AutoGrid has pioneered the science of flexibility management which turns the traditional centralized fossil fuel-dependent energy system inside out, giving power back to consumers in their ability to fight climate change by facilitating faster deployment of renewable energy, batteries and electric vehicles.

Lisa Lambert, Chief Technology and Innovation Officer at National Grid and president and founder of National Grid Partners, added: "AutoGrid has proven its ability to deploy new capabilities at a global scale. We invested because they have one of the best utility-focused AI teams in Silicon Valley and a broad platform to help utilities enable a smarter energy future."

AutoGrid's technology plays a direct role in combating climate change. To smooth out sudden fluctuations in demand and renewable supply due to weather changes, grid operators rely on fossil fuel-burning "peaker" power plants. As an example, in the state of California, there are approximately 17 gigawatts of fossil fuel-burning "peaker" power plants, which are used for less than 15 percent of the total hours available during the year. Globally, these peaker plants represent a $1.2 trillion dollar investment. Unfortunately, due to low utilization, these peaker plants are not only significantly more expensive than average 'baseload' fossil-fuel generators, they also emit much higher rates of carbon dioxide and health-harming air pollutants. Many of these plants serve load pockets in dense urban areas, including more than twenty facilities in California alone which have more than 100,000 people living within a three-mile radius of the plant. Furthermore, half of the state's peaker plants are located in disadvantaged communities and disproportionately burden socioeconomically vulnerable census tracts.

AutoGrid's AI-powered Virtual Power Plant Platform technology enables immediate climate action by offering a sustainable, resilient and cost-effective alternative to legacy peaker plants. The AutoGrid Flex platform utilizes the spare capacity from batteries, electric vehicles and flexible load to smooth out short-term imbalances in demand and supply while providing economic incentives to the asset owner. Unlike traditional centralized peaker plants which can be disrupted during extreme weather events such as hurricanes, snow storms, fires, or earthquakes, the VPPs consisting of distributed batteries, microgrids and electric vehicles are inherently more resilient and continue to function even in extreme weather conditions.

"Over the last decade, AutoGrid has shown that distributed energy resources can provide the flexibility and efficiency needed for a more resilient and decarbonized grid," said Brandon Middaugh, director, Climate Innovation Fund at Microsoft. "Our investment in AutoGrid is an opportunity to scale this innovation globally to help create a more livable planet for everyone."

The new funding will be used to expand AutoGrid Flex™ platform's capabilities and accelerate deployment at a global scale. AutoGrid will complement its investment in technology platform to build out a world-class services organization to offer a "one-stop-shop" for the optimization and monetization of energy assets for independent power producers, energy-as-a-service companies, electricity retailers and new energy project developers. To this end, AutoGrid has established a 24x7 Networks Operation Center and plans to offer full market participation services in all the major ISOs across the United States in preparation for the impending changes related to FERC Order 2222 which allows direct participation of distributed energy resources into wholesale energy markets.

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About AutoGrid
Founded in 2010, with the mission of accelerating access to sustainable energy in order to combat climate change. AutoGrid's AI-driven software makes electric vehicles, batteries, roof-top solar, utility-scale wind and other distributed energy resources (DERs) smarter. By enabling prediction, optimization, and real-time control of millions of energy assets at an unprecedented scale, AutoGrid is making the vision of a decentralized, decarbonized, and democratized new energy world a reality.

With over a decade of pioneering experience across the globe, AutoGrid offers fleet owners, energy-as-a-service companies, renewable project developers, utilities, and electricity retailers the ability to build, own, operate, and participate in intelligent and scalable Virtual Power Plants (VPPs) enabling them to disrupt the dependency on fossil-fuel based energy. AutoGrid Flex platform is managing over 5,000 MW of VPPs in 15 countries - everything from an electric car, battery or solar panel in a home to microgrids in a campus or industrial site, and utility scale storage and renewable farms - and is ranked as the #1 Virtual Power Plant Platform in the world (according to the global ranking published in 2020 by industry-leading research and analysis firm Guidehouse Research).

Additional info can be found at: http://www.auto-grid.com

About Moore Strategic Ventures
Moore Strategic Ventures, LLC is the privately held investment company for Louis M. Bacon, Founder and CEO of Moore Capital Management, LP.

About GS Futures
GS Futures is the US corporate venture arm of GS Group, focused on investing and collaborating with World-changing teams and innovations tackling Climate Change, Energy Transition and the Future of Commerce. By marrying the existing capabilities of GS with innovations spurring from the Venture ecosystem, GS Futures seek to collaboratively disrupt for a more positive future. For more information, visit gsfutures.vc.

About National Grid Partners
National Grid Partners (NGP) is the venture investment and innovation arm of National Grid plc., one of the largest investor-owned energy companies in the world. NGP invests for strategic and financial impact and leads company wide disruptive innovation efforts. The organization provides a multi-functional approach to building startups, including innovation (new business creation), incubation, corporate venture capital, business development and venture acceleration. NGP is headquartered in Silicon Valley and has offices in Boston, London, and New York. Visit ngpartners.com or follow us at http://www.twitter.com/@ngpartners_ and http://www.linkedin.com/showcase/national-grid-partners.

Media Contact

Jory White, AutoGrid, +1 4159129392, [email protected]

Arup Barat, AutoGrid, 585-414-6375, [email protected]

SOURCE AutoGrid