MILPITAS, Calif.--(BUSINESS WIRE)--GridX, Inc., a leading provider of cloud-based business operations support solutions to utilities and energy suppliers, today announced that it has closed its Series B funding in the amount of US $12 million led by Energy Impact Partners (EIP), a global investment platform leading the transition to a sustainable energy future. This financing accelerates the company’s product roadmap and drives market adoption.
“GridX helps utilities and energy suppliers to transition to – and thrive in – a decarbonized and decentralized energy future,” said Matt Bisgyer, Vice President at Energy Impact Partners. “Our investment in GridX is a testament to the team’s unique vision and exceptional capabilities, and we’re confident this company is poised for rapid growth as it empowers the smooth integration of renewable energy into the daily lives of millions.”
Through its Business Operations Support (BOS) Cloud suite, GridX delivers turnkey applications that enable its clients to:
- Develop new products, programs and business models that support their clean energy goals, including community solar, time-of-use rates and real-time pricing
- Understand the impacts of new offerings on revenue and customers’ bills
- Revamp traditional billing and meter-to-cash processes to quickly operationalize new offerings
- Effectively target customers to facilitate broader adoption of new offerings and energy programs
- Help their customers understand the financial implications of their energy use and deliver personalized advice on energy-saving opportunities and clean energy investments.
GridX has a track record of successful partnerships with forward-looking utilities, Retail Energy Suppliers and Community Choice Aggregators across diverse markets, including Pacific Gas and Electric Company, Southern California Edison, PSEG Long Island, Consumers Energy and Central Coast Community Energy. Today, GridX’s BOS Cloud is used to serve more than 17 million homes and businesses.
“The rapid growth of renewables across the energy generation and distribution value chain is driving utilities and energy suppliers to develop more sophisticated products, services and business models. Traditional Customer Information Systems (CIS) cannot adequately support this unprecedented pace of innovation, nor can they be used to advise utilities’ customers through the clean energy revolution,” said Jian Zhang, Founder and CEO of GridX, Inc. “Our growing roster of industry-leading clients underscores GridX’s unique ability to help accelerate this transition. Now, with backing from Energy Impact Partners, we look forward to significantly expanding our capabilities to help utilities, energy suppliers and their customers transition to the clean energy future.”
About GridX, Inc.
GridX, Inc. partners with utilities and energy suppliers to transform their businesses and accelerate the clean energy transition. The company’s Business Operations Support (BOS) Cloud application suite helps these organizations to develop new products and business models to achieve their clean energy goals; quickly operationalize new offerings in their billing and settlement processes; better engage with their customers for broader program adoption; and serve as their customers’ trusted energy advisors throughout the process. GridX’s BOS Cloud is used by leading utilities, Retail Energy Suppliers and Community Choice Aggregators to serve more than 17 million homes and businesses. For more information, visit gridx.com. GridX is the trademark of GridX, Inc.
About Energy Impact Partners
Energy Impact Partners (EIP) is a global investment platform leading the transition to a sustainable energy future. EIP brings together entrepreneurs and the world's most forward-looking energy and industrial companies to advance innovation. With over $1.5 billion in assets under management, EIP invests globally across venture, growth, credit and infrastructure – and has a team of more than 45 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne and soon Oslo. For more information on EIP, please visit www.energyimpactpartners.com.