Tendril Acquires GroundedPower and Announces Additional $23 Million Investment
October 19, 2010
Boulder, Colo. – October 19, 2010 — Tendril announced today that it has purchased Massachusetts-based GroundedPower and secured an additional $23 million in investment. The strategic acquisition and additional investment will accelerate the development and roll-out of Tendril’s comprehensive end-to-end energy management and consumer engagement solution for energy providers.
GroundedPower is the creator of the Interactive Customer Engagement System (iCES) for consumer-driven energy management and efficiency. After researching the leading companies in the marketplace that develop consumer engagement software for the Smart Grid, Tendril acquired GroundedPower because of the company’s behavioral-based approach and validated results, according to Tendril CEO Adrian Tuck.
“Our customers demand real, proven solutions for engaging consumers and enabling sustainable results for their Energy Efficiency programs. We researched the marketplace and selected GroundedPower because of their third-party validated, proven methodology for achieving world-class, behavioral-driven Energy Efficiency,” Tuck said.
“As a result of this strategic acquisition, we can offer utilities an even more robust energy management solution, adding behavioral-based Energy Efficiency applications and services into Tendril’s proven, scalable, open platform.”
Founded in 2008, GroundedPower delivers an interactive customer engagement system for real-time consumer driven energy management and efficiency for both utilities and consumers. GroundedPower’s iCES combines real-time energy monitoring with an integrated suite of consumer engagement and behavior change tools that brings the user into an intuitive and interactive world of Energy Efficiency.
“GroundedPower brings proven and industry-leading methods of creating persistent behavioral Energy Efficiency together with an exceptional user-centered design team. It is this combination of behavioral science applied to Energy Efficiency and a demonstrated passion for user-design excellence that makes GroundedPower a valuable addition to the Tendril platform and team,” said Greg Kats of Good Energies, a Tendril investor.
The purchase agreement includes GroundedPower’s iCES system as well as a developed sales pipeline to the public power market, specifically municipal and co-operative utilities. The majority of GroundedPower’s employees will be retained by Tendril, including GroundedPower co-founder Paul Cole, who will assume the title of vice president of consumer products at Tendril. Financial details of the acquisition were not made public.
Series D Investment
Tendril also announced today that it has closed $23 million in additional investment. The financing round includes new equity capital from TIAA-CREF as well as existing investors. The additional funding will be used to complete the GroundedPower acquisition and further accelerate the development of Energy Efficiency and consumer engagement tools within the Tendril platform.
“Over the last twelve months Tendril has proven its ability to close significant business with major energy providers across the United States, establishing itself as a market leader,” said Stephan Dolezalek, head of the CleanTech Practice at VantagePoint Venture Partners.
“Tendril has delivered unprecedented insight and control of energy management to energy users and providers, and has helped develop standards and protocols upon which the industry will grow. We believe Tendril has all the elements necessary to continue as an industry leader over the long-term.”
Tendril is a leading energy management technology provider that is helping to drive the large-scale deployment of the Smart Grid through the development of forward-thinking solutions as well as its work to establish industry protocols. The Tendril platform provides an open, secure and scalable end-to-end solution that creates a two-way dialogue between energy providers and their customers. The platform enables consumer engagement software to promote Energy Efficiency, and includes in-home products and applications as well as utility applications such as Demand Response and back office integration. Through the 20 Smart Grid pilot programs the company has secured in 2010 alone, Tendril will provide turnkey delivery of products and services to utilities and their customers in 14 states throughout the country. Tendril is venture backed by VantagePoint Venture Partners, Good Energies, RRE Ventures and GE.