Tuesday, April 01, 2008

Red Herring: GridPoint Gets $15M and Big-Name Advisers

"GridPoint, a Red Herring 100 company whose platform drives more efficient use of the electrical grid, said Thursday it raised $15 million in funding and announced the appointment of several high-profile individuals to its board of advisors.
Those named to GridPoint's advisory board include Robert N. Danziger, founder of Sunlaw Energy Corp.; Paul J. Feldman, chairman of the Midwest Independent System Operator; T.J. Glauthier, former Deputy Secretary of Energy; R. James Woolsey, former director of the CIA; and Pulitzer Prize winner Daniel Yergin.
The Washington D.C. startup (previous coverage here, here) has raised $102 million since its 2003 founding, and this latest announcement underscores the growing enthusiasm for technology that helps build so-called smart grids.
GridPoint’s system helps convert energy from solar, wind, and other sources—installed at homes or businesses—into usable electricity, and automatically sells excess electricity to utilities at opportune times.
Using software and communications with GridPoint’s network operations center, the energy management system can use weather forecasts, as well as time-based pricing, to make decisions about when to buy or sell.
The system also enables utilities to balance supply and demand"

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