As the market for smart-grid technologies lights up, a start-up company called GridPoint has unveiled a new business model, a new investor and $21 million in new financing to convince utility companies it has the cure for an aging energy infrastructure.
Goldman Sachs provided the bulk of the strategic financing with an $18 million commitment from its wholly owned power generation subsidiary, Cogentrix Energy. As a result of its investment, Goldman Sachs managing directors Larry Kellerman, the president of Cogentrix, and Robert Mancini will take seats on the GridPoint board.
Cogentrix will also act as a partner, supporting GridPoint as it pursues deals with power companies around the country.
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