GridPoint, a specialist in energy management and optimization technology that decarbonizes commercial buildings, on June 21 announced that HASI (NYSE: HASI), a global investor in climate solutions, has provided a credit facility of up to $150 million to enable GridPoint to meet the growing demand for its award-winning energy optimization platform.
The new facility expands on the GridPoint-HASI partnership first launched in 2019.
“We are excited to expand our partnership with HASI as GridPoint continues to grow rapidly,” said Mark Danzenbaker, CEO of GridPoint. “This new financing facility makes commercial energy management more accessible and enables our customers to help achieve cost savings from day one and meet long-term sustainability goals.”
GridPoint’s subscription model enables quicker technology adoption by commercial businesses by removing upfront financial barriers to deployment and generating cost savings from day one.
“Our new financing agreement with GridPoint demonstrates continued momentum for commercial building decarbonization in driving the energy transition,” said Daniela Shapiro, Managing Director of HASI. “GridPoint’s energy optimization platform has outstanding CarbonCount® scores in terms of emissions reduced per dollar invested, which is a huge differentiator for companies focused on reducing energy consumption, increasing efficiency, and achieving ambitious sustainability goals.”
According to a recent report by Conservation International and We Mean Business Coalition cited by GridPoint, businesses overwhelmingly agree (82%) they need to accelerate decarbonization efforts but are concerned about shouldering additional investment with 86% citing budget constraints as a key challenge to reducing emissions and meeting targets.
GridPoint’s platform captures energy and facility data from buildings to better understand patterns, identify inefficiencies, and assess building health across enterprises. The company's software then makes the data actionable by leveraging controls and automation tools to optimize energy and facility operations, save money and reduce carbon emissions that accelerate climate change.
GridPoint’s platform connects the built environment with energy grids, enabling customers to participate in utility-based programs, like demand response, and integrate with other distributed energy resources (DERs), like batteries and EV chargers, to achieve greater value through monetizing assets and support a more reliable and resilient grid.
The platform serves over 18,000 commercial sites and has generated cumulative energy savings of more than $873 million for customers and eliminated 11.9 billion pounds of carbon dioxide equivalent (CO2e) emissions. GridPoint notes it also experienced substantial growth in participation by its customers in automated demand response programs, achieving a nearly 200% increase in grid capacity under management in 2021 vs. 2020.
The company notes that drivers of growth include today’s landscape of increased energy costs, issues with grid reliability, more frequent power disruptions, and intensified extreme weather events. The dramatic increase in demand response participation substantiates the collective benefit of grid-interactivity for both commercial businesses and the grid.