Thursday, October 21, 2010

Smart Grid: Tendril Acquisition & Fundraising

Tendril announced today that it has purchased Massachusetts-based
GroundedPower and secured an additional $23 million in investment. The
strategic acquisition and additional investment will accelerate the
development and roll-out of Tendril's comprehensive end-to-end energy
management and consumer engagement solution for energy providers.

GroundedPower is the creator of the Interactive Customer Engagement
System (iCES) for consumer-driven energy management and efficiency.
After researching the leading companies in the marketplace that
develop consumer engagement software for the Smart Grid, Tendril
acquired GroundedPower because of the company's behavioral-based
approach and validated results, according to Tendril CEO Adrian Tuck.

"Our customers demand real, proven solutions for engaging consumers
and enabling sustainable results for their Energy Efficiency programs.
We researched the marketplace and selected GroundedPower because of
their third-party validated, proven methodology for achieving
world-class, behavioral-driven Energy Efficiency," Tuck said.

"As a result of this strategic acquisition, we can offer utilities an
even more robust energy management solution, adding behavioral-based
Energy Efficiency applications and services into Tendril's proven,
scalable, open platform."

Founded in 2008, GroundedPower delivers an interactive customer
engagement system for real-time consumer driven energy management and
efficiency for both utilities and consumers. GroundedPower's iCES
combines real-time energy monitoring with an integrated suite of
consumer engagement and behavior change tools that brings the user
into an intuitive and interactive world of Energy Efficiency.

"GroundedPower brings proven and industry-leading methods of creating
persistent behavioral Energy Efficiency together with an exceptional
user-centered design team. It is this combination of behavioral
science applied to Energy Efficiency and a demonstrated passion for
user-design excellence that makes GroundedPower a valuable addition to
the Tendril platform and team," said Greg Kats of Good Energies, a
Tendril investor.

The purchase agreement includes GroundedPower's iCES system as well as
a developed sales pipeline to the public power market, specifically
municipal and co-operative utilities. The majority of GroundedPower's
employees will be retained by Tendril, including GroundedPower
co-founder Paul Cole, who will assume the title of vice president of
consumer products at Tendril. Financial details of the acquisition
were not made public.

Tendril also announced today that it has closed $23 million in
additional investment. The financing round includes new equity capital
from TIAA-CREF as well as existing investors. The additional funding
will be used to complete the GroundedPower acquisition and further
accelerate the development of Energy Efficiency and consumer
engagement tools within the Tendril platform.

"Over the last twelve months Tendril has proven its ability to close
significant business with major energy providers across the United
States, establishing itself as a market leader," said Stephan
Dolezalek, head of the CleanTech Practice at VantagePoint Venture

"Tendril has delivered unprecedented insight and control of energy
management to energy users and providers, and has helped develop
standards and protocols upon which the industry will grow. We believe
Tendril has all the elements necessary to continue as an industry
leader over the long-term."

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