AutoGrid, a Redwood City, California based provider of the flexibility management software for the energy industry, has now closed on the new equity funding from the Shell Ventures LLC.
The amount of the deal, which also came as an extension to the series D investment round revealed in the month of September from a consortium of energy companies that even include the Innogy, CLD Group, National grid, Energy Impact Pasterns, Tenaska, Envision ventures and Total Energy Ventures was not even disclosed.
The company as of now has a plans to use the funds to accelerate growth deployment of its energy internet platformTM and AutoGrid FlexTM for the purpose of Artificial Intelligence driven predictive controls of the flexible, connected and distributed assets in the real-time scenario and also at scale.
The company which is led by the Dr. Amit Narayan, CEO, AutoGrid provides with a suite of flexible management applications which even allows for the electricity, utilities, retailers, renewable energy project energy and developers service providers to deliver the clean energy by merely managing the networked distributed energy resources in the real time.
The company also has more than 5000 megawatts of the DER’s under the contract with the National Grid, CPS Energy, NextEra Energy, E.ON, Xcel Energy and some other more than 35 energy companies across the globe.
“AutoGrid has also been pioneered into the field the science of flexibility management that enables energy providers to mine and extract data to balance supply and demand in real time,” said Geert van de Wouw, VP Shell Ventures. “We are also pleased to join AutoGrid's part of the investment round and looking forward to gaining insights on how to increase productivity and value across distributed energy assets.”
“We have also proud to have one of the global leading energy companies committed to the transition towards a low-carbon future as an investor and partner,” said Dr. Amit Narayan, AutoGrid CEO. “With the support of such a great lead of investors such as Shell, we are also so much significantly advancing our mission to transform the global new energy system.”
About Shell Ventures
Shell Ventures is the corporate venture capital arm of the Royal Dutch Shell PLC. With the tradition in venture capital since 1997, Shell Ventures Investment focus covers around the full energy spectrum from the O&G to renewable energy technologies and digital solutions. Shell Venture co-invests with some other corporate investors and venture capital funds in both the early and late stage companies.