Reston, Va.-based GridPoint, which develops energy management technology with varied benefits, has announced the completion of a $45 million investment round anchored by Marunouchi Innovation Partners, a climate tech fund sponsored by Mitsubishi Corp. MIP’s $20 million investment will accelerate GridPoint’s growth and enable expansion into Japan and South Korea, as a boom in AI and data centers simultaneously raises demand for smarter energy management, the company said.
GridPoint’s other institutional investors include Goldman Sachs, TOMS Capital, QVT Financial, Fortress Investment Group, all of New York; Miami, Fla.-based I Squared Capital, Shell Ventures and Greece’s Olympia Group.
“The respective missions of Marunouchi and GridPoint are in perfect alignment. As data centers, AI investments, electrification and manufacturing investments all increase demand on the power grid, GridPoint will continue to deliver much-needed capacity to the grid,” said GridPoint Chairman Peter Corsell. “Moreover, the deep relationships that Marunouchi brings to the table will help GridPoint enter key international markets.”
GridPoint’s technology platform has been deployed in more than 20,000 commercial buildings across multiple industries, helping optimize energy and sustainability goals. It also helps electric utilities, notably by easing pressures on the grid. With a platform that leverages data analytics, machine learning and intelligent automation, GridPoint has set the ambitious goal of delivering a gigawatt-scale distributed virtual power plant (VPP) by 2035.
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GridPoint has been led by CEO Mark Danzenbaker, a former Accenture executive, since 2016. He has served the company since 2009. Danzenbaker is an alumnus of the University of Virginia Darden School of Business and James Madison University, where he received a BS in Integrated Science & Technology. In 2023, GridPoint was featured among innovative startups in clean technology by Forbes.
“MIP aims to help drive a carbon-neutral society and, as such, is investing in select global companies dedicated to decarbonization through technology,” said Ichiro Miyoshi, CEO and chief investment officer of MIP. “GridPoint represents an ideal investment opportunity for our fund as their energy solution, comprised of proprietary hardware, combined with a new, cutting-edge software platform, enables commercial companies to dramatically reduce energy usage, while benefitting from the additional control, asset and building insights that adds real value to their operations.”
“As energy costs continue to rise, due to increasing demands on the grid, efficient Building Energy Management Systems (BEMS) will become more critical than ever,” Miyoshi added.
