MILPITAS – GridX, an enterprise rate platform provider to modern utilities and energy technology companies, has closed $40 million in Series C funding led by Energy Impact Partners (EIP). Moore Strategic Ventures (MSV), Sunfox Capital and NGP ETP also participated in the round with Hunter Horgan of MSV joining the company’s board of directors.
GridX also announced that Chris Black has been appointed CEO of GridX. Both moves aim to speed the clean energy transition by accelerating the development of GridX’s leading rate analytics and complex billing solutions, and building out its sales and marketing, product, and engineering teams.
“Following our initial investment in GridX in 2021, the imperative to eliminate carbon from our economy has grown leaps and bounds,” said Lindsay Luger, Co-Founder & Partner, Energy Impact Partners. “While solutions to this generational challenge are still emerging, one thing is certain – electrification, adoption of distributed energy resources and increasingly complex rate structures demand the type of advanced analytics solutions provided by GridX.”
The energy industry is undergoing the largest transition since the advent of electricity. Utilities around the world have committed to dramatically reducing or eliminating carbon from our economy over the next 30 years. Critical to that effort is electrifying transportation and heating, increasing the adoption of distributed energy resources like smart thermostats, solar, and storage, and helping customers shift their usage to times of the day when energy is most sustainable. GridX sits at the intersection of these trends with analytics solutions that manage the deployment of increasingly complex rate structures.
From helping utilities design and implement new rates, to matching customers with those optimized for them, and accurately calculating the impact of energy-related actions on bills, GridX empowers energy suppliers to swiftly deploy new business models. Today, GridX works with some of the most innovative utilities and retail energy suppliers across North America, including Pacific Gas and Electric Company, Southern California Edison, PSEG Long Island, and Consumers Energy, to serve more than 19 million homes and businesses.
“I can’t think of a more exciting industry to be in as energy professionals are literally reinventing the way we power our daily lives,” said Chris Black, CEO, GridX. “But with these innovations come increased complexity from the exponential growth in distributed energy resources like solar and electric vehicles. Unfortunately, this complexity is most often felt by energy consumers because we’ve struggled to translate the impact of these technologies into dollars and cents so people know exactly what they can expect to pay. Communicating energy impact is easy but conveying the bill impact is incredibly hard. GridX is unique in its ability to do exactly this for anyone with an energy value proposition to homes and businesses.”