Gridco Systems receives $12 million round of funding
Written By: Stratton Report
October 6, 2016
On October 6, Gridco Systems, a provider of grid infrastructure solutions for electric power distribution system operators, announced a $12 million round of funding from multiple investors.
The investor group comprised existing Gridco investors General Catalyst, Lux Capital and North Bridge Venture Partners, as well as one of the world’s largest private family investment offices. It also included a new strategic investor, power transformer regulation provider, Maschinenfabrik Reinhausen GmbH.
According to the firm, its solutions are designed to aid utilities in integrating renewable and distributed generation, increasing energy efficiency, managing peak capacity, and improving system reliability by combining modular power electronics, controls, distributed networking, and power system analytics to permit distribution systems to function in a distributed, dynamic, and decoupled fashion.
Gridco has now raised more than $54 million since its founding in 2010.
Naimish Patel, Gridco Systems CEO remarked:
“This new funding will enable Gridco to expand the markets for our proven technology solutions in North America and Europe, while providing the capital to support continued commercial growth.”
Michael Rohde, Managing Director of Maschinenfabrik Reinhausen GmbH observed: “Gridco and MR share the vision of enabling utilities to build and operate agile, flexible, efficient grids. We are looking forward to jointly exploring synergy potentials for the benefit of our customers in the U.S. and internationally.”