Software Development

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 Technical.ly 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

Before you go...

Please consider supporting Technical.ly to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.

3 ways to support our work:
  • Contribute to the Journalism Fund. Charitable giving ensures our information remains free and accessible for residents to discover workforce programs and entrepreneurship pathways. This includes philanthropic grants and individual tax-deductible donations from readers like you.
  • Use our Preferred Partners. Our directory of vetted providers offers high-quality recommendations for services our readers need, and each referral supports our journalism.
  • Use our services. If you need entrepreneurs and tech leaders to buy your services, are seeking technologists to hire or want more professionals to know about your ecosystem, Technical.ly has the biggest and most engaged audience in the mid-Atlantic. We help companies tell their stories and answer big questions to meet and serve our community.
The journalism fund Preferred partners Our services
Engagement

Join our growing Slack community

Join 5,000 tech professionals and entrepreneurs in our community Slack today!

Trending

Y Combinator alum lands $4M seed to boost open-source connections

Celebrate your tech community: Nominations are open for the 2024 Technical.ly Awards

Where will the ideas come from next?

New immersive art exhibit lets you explore the ocean floor at DC gallery

Technically Media