Tendril and GE Energy Financial Services announced the funding at GE Global Research, GE’s technology development arm, in Niskayuna, New York, during a media forum on cleantech venture capital investing. GE Energy Financial Services is making the venture capital investment as a follow up to Tendril’s announcement in June that it raised $30 million in Series C funding, making it one of the best-funded energy management startups.
The Tendril Residential Energy Management Ecosystem (TREE) is designed to help utilities operate more efficiently to improve customer service and comply with new regulatory requirements. The enterprise-class TREE Platform, with engaging in-home devices and a suite of utility applications, provides a secure, end-to-end, easy-to-deploy, open, standards-based energy management system that empowers consumers to take control of their energy consumption. With unprecedented scalability, reliability and extensibility, the TREE Platform provides utilities with demand response, energy efficiency and variable pricing, along with a platform for future applications such as, distributed generation management and vehicle-to-grid.
GE’s investment builds on its appliances partnership with Tendril. GE Consumer & Industrial and Tendril announced in July that they would integrate the TREE Platform to work with GE’s dryers, refrigerators, washing machines and other appliances. GE appliances such as stoves, washers and dryers, dishwashers and refrigerators will communicate their power needs to the utilities in real-time. The utilities can then redistribute power as needed more efficiently.
“As one of the world’s largest and most respected corporations, with strong utility partnerships and a loyal customer base, GE is uniquely positioned to deliver cutting-edge solutions to help drive adoption of the smart grid,” noted Adrian Tuck, CEO, Tendril. “GE’s investment in Tendril is a testament to our innovative technology platform and market position. It also further validates our reputation as a leading home energy management platform provider that can be trusted to deliver compelling, tightly integrated solutions to utilities and their customers.”
For its part, GE sees its relationship with Tendril as reinforcement of its ecomagination initiative, to help customers meet their environmental challenges.
“Tendril is a great strategic complement to GE’s suite of ecomagination and smart grid investments and products, with multiple commercial and technology development opportunities for collaboration,” said Alex Urquhart, President and CEO of GE Energy Financial Services.
Appliances, lighting and water heating account for half of household electric use, making it critical that they be integrated across meter and broadband networks, moving beyond reliance on heating ventilation and air conditioning systems as the primary method of load control. With 37 percent of total US electric energy consumption associated with residences, and as utilities implement dynamic pricing, demand response appliances will enable consumers to save millions of dollars and cut load on the grid.
In other smart grid initiatives, GE Energy Financial Services has made a venture capital investment in Grid Net (www.grid-net.com), a leading provider of open, interoperable, policy-based network management software and communications products for the utility industry’s smart grid. In addition, GE Energy Financial Services is nearing completion of three smart grid variable frequency transformers at its Linden, NJ, power plant that will enable transmission system operators to control power flows between New Jersey and New York City with high reliability, speed and efficiency, while offering flexibility in meeting customers’ demand.
With offices in Boston, Stamford, CT, San Francisco, and Munich, Germany, GE Energy Financial Services’ venture capital team has invested in 20 early- and growth-stage energy- and water-related technology companies since January 2006, making it one of the most active energy technology venture capital investors globally.
Tendril, a Boulder, Colorado-based company, enables true 21st century energy efficiency by establishing actionable dialogue between energy providers and their consumers. The Tendril Residential Energy Ecosystem (TREE) is comprised of a comprehensive suite of energy management applications, including; Demand Response, Energy Efficiency and Pricing Programs and a suite of in-home devices, including thermostats, in-home displays and smart outlets that are extended to consumers and utilities over an open and standards-based platform that guarantees secure, auditable transactions and enterprise-class communications. Tendril is venture backed by VantagePoint Venture Partners, Good Energies, RRE Ventures, Vista Ventures and Appian Ventures. To see more, visit: www.tendrilinc.com.
GE Energy Financial Services’ experts invest globally with a long-term view, backed by the best of GE’s technical know-how, financial strength and rigorous risk management, across the capital spectrum, in one of the world’s most capital-intensive industries, energy. GE Energy Financial Services helps its customers and GE grow through new investments, strong partnerships and optimization of its more than $22 billion in assets. In renewable energy, GE Energy Financial Services is growing its portfolio of more than $4 billion in assets in wind, solar, biomass, hydro and geothermal power. GE Energy Financial Services is based in Stamford, Connecticut. For more information, visit www.geenergyfinancialservices.com.
GE (NYSE: GE) is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. GE is Imagination at Work. For more information, visit www.ge.com.
