Energy management and building efficiency technology firm GridPoint has received financial leverage to scale up its work in the commercial building sector with a new $150 million investment from HASI (Hannon Armstrong).
The new credit facility should fund GridPoint to accelerate its energy management and optimization offerings for the commercial real estate sector. It also could help GridPoint bringing 80,000-100,000 additional commercial buildings online with its platform over the next few years.
GridPoint currently manages more than 18,000 building sites.
The funding facility expands on the partnership with HASI which began in 2019.
“We are excited to expand our partnership with HASI as GridPoint continues to grow rapidly,” CEO Mark Danzenbaker said in a statement. “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.”
Commercial and industrial building emissions account for close to 30 percent of greenhouse gases released in the U.S., according to reports. In a recent survey by Conservation International and We Mean Business Coalition, 82 percent of business respondents agreed they need to accelerate decarbonization efforts but are constrained by spending concerns.
GridPoint and other energy management firms are increasingly adopting earlier upfront agreements with customers to forgo those financial barriers to getting started. Some of these models forgo upfront costs so the customers pay back on installments and energy savings.
Under the platform GridPoint customers also can participate in automated demand response programs.
Earlier this year, GridPoint was awarded an Edison Award for carbon accounting integration program with TimberRock