September 11 (Renewables Now) - AutoGrid, a US provider of artificial intelligence (AI)-driven flexibility management for the energy industry, has completed a USD-32-million (EUR 27.6m) Series D investment round, attracting new investors such as Ørsted A/S (CPH:ORSTED) and Innogy SE (ETR:IGY).
The company said that the investment, led by a consortium of energy companies, will enable it to speed up adoption of the AutoGrid Flex platform across North America, Europe and Asia-Pacific.
New investors also include Hong Kong-founded CLP Holdings Group and Tenaska of the US. All existing investors, including Energy Impact Partners, Envision Ventures, Total Energy Ventures, Clearsky Power & Technology Fund, E.on (ETR:EOAN) and Foundation Capital, also took part in the round, AutoGrid said.
The company so far has raised a total of USD 75 million to support growth and enhance its product differentiation. It says it is set to contract over 5,000 MW of flexible resources on its platform by the end of 2018, meaning a compound annual growth rate of over 100% for each of the last three years.
"At CLP we believe that energy flow is no longer a one-way transaction. By partnering with AutoGrid, we are learning to turn flexible energy resources into balanced real-time energy services," said Austin R Bryan, senior director of innovation and ventures at CLP.
(USD 1 = EUR 0.863)