New financing enables quicker technology adoption by commercial businesses operating small to mid-sized buildings by removing upfront financial barriers to deployment
RESTON, VA.– June 21, 2023 — GridPoint, a leader in energy management and optimization technology that decarbonizes commercial buildings, today announced that HASI (NYSE: HASI), a leading 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. GridPoint’s innovative subscription model enables quicker technology adoption by commercial businesses by removing upfront financial barriers to deployment and generating cost savings from day one.
“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.”
“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, 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. GridPoint 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.
GridPoint’s 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 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. 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.
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About GridPoint
GridPoint is a leader in energy optimization technology that decarbonizes commercial buildings and accelerates a more sustainable energy future. GridPoint’s data-driven platform connects energy grids with the built environment and behind-the-meter distributed energy resources, enabling the ability to coordinate energy supply and demand to achieve sustainability goals for businesses and the grid at the same time. GridPoint’s platform is deployed in over 18,000 commercial buildings across multiple industries. Leveraging data analytics, patented algorithms, and intelligent automation to deliver unprecedented visibility into complex building operations, GridPoint reduces energy costs, lowers carbon emissions, provides actionable facility insights and strengthens resiliency – building by building. Networked together, buildings with GridPoint Intelligence™ aggregate the reliable, precise, and instantaneous capacity that energy grids increasingly require. The GridPoint Intelligent Energy Network™ of buildings is driving grid modernization and accelerating the transition to a sustainable energy future. For more information, visit https://www.gridpoint.com/.
About HASI
HASI (NYSE: HASI) is a leading climate positive investment firm that actively partners with clients to deploy real assets that facilitate the energy transition. With more than $10 billion in managed assets, our vision is that every investment improves our climate future. For more information, please visit hasi.com.