Software Development
Environment / Funding / Software

NoVa energy tech company GridPoint just nabbed a $150M investment facility

The credit facility from HASI will help the company roll out a new financial model for customers.

Members of the GridPoint team. (Courtesy photo)

Just a week after the Cava IPO, the DMV has another prominent money move on its hands: NoVa’s Gridpoint landed a $150 million credit facility from HASI.

Reston, Virginia’s Gridpoint is an energy management tech company that developed an IoT platform connecting distributed energy resources to the grid with data analytics and machine learning. With the platform, the company looks to decarbonize commercial buildings.

HASI provided the company with an investment facility, worth up to $150 million, following a partnership the two entities first launched in 2019. GridPoint will use the funds to remove the upfront costs to commercial businesses for its subscription model-based software.

With this investment, CEO Mark Danzenbaker told that GridPoint can install equipment on-site but still provide a zero-down financing model for customers.

“This is really about making this technology accessible to as many businesses as possible,” Danzenbaker said. “It’s about eliminating the upfront capital requirement for the end customer, which is often an impediment to adopting energy efficiency, sustainability and renewable technology, and so we see this as an accelerant.”

Though Danzenbaker noted that he thinks the new financing option will appeal to companies large and small, GridPoint predominantly works with small commercial buildings and businesses. Of its clientele, 20,000 are commercial buildings under 10,000 square feet — a number he hopes to eventually quintuple.

“We’re going to use this facility to drive a lot of equipment and deployment of our platform into as many sites as we humanly can [and] as soon as possible,” Danzenbaker said.

We last heard from GridPoint in 2022, when the company raised a $75 million investment round, led by Goldman Sachs’ Sustainable Investing Group, with the hope of adding 100 folks to its 115-person team. Danzenbaker said the company has since grown to 210, just under its goal, and hopes to add another 10 or 20 positions this year. Going forward, he also hopes to launch additional products and services, including more subscription options in the energy storage space.

Even in a tough economic environment, Danzenbaker said that GridPoint has been able to seek financing and continue to grow because even in a tight environment, certain things remain a priority.

“No matter what the economic conditions are, certain things need to get done,” Danzenbaker said. “And one of the things that need to get done is accelerating and continuing down the path of sustainability in the energy transition.”

Companies: GridPoint

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