Gridium, a decarbonization partner to real estate firms, received more than $14 million in funding from investors Navitas Capital, Lincoln Property Company and Tim Naughton, the current chairman and former CEO of AvalonBay. These investors provided additional equity funding following a year of company-record revenues across Gridium’s software and decarbonization project financing offerings. This investment will fuel the company’s hiring efforts, scale its software offerings and bolster strategic partnership opportunities.
“Gridium’s unique combination of AI-based software tools and energy efficiency finance solutions make it the ideal energy partner for real estate organizations looking to increase asset value and lower their carbon footprints at scale,” Travis Putnam, managing partner of Navitas, said. “Gridium has earned the trust of the industry by consistently delivering outstanding results.”
Gridium also entered an agreement for a revolving debt financing facility sized at $10 million with Mitsubishi HC Capital America. The facility supports Gridium’s capacity to provide upgrades to equipment, controls and software without requiring an upfront capital expenditure from customers through an offering named Gridium Alpha. Projects will be executed in the service territories of Pacific Gas and Electric (PG&E), San Diego Gas & Electric (SDG&E) and Southern California Edison (SCE) in California.
“We’re proud to support Gridium and their commitment to decarbonizing buildings,” Tom Waters, director of clean technology finance at Mitsubishi HC Capital America, said. “Working with Gridium’s deeply experienced team as they continue to produce lasting, substantial value for building operators and owners reaffirms our commitment to the United Nations sustainable development goals. This debt facility will boost the team’s ability to move efficiently and capture more share in this important market.”
“The latest raise validates our unwavering commitment to accelerating our customers’ decarbonization strategies and will support the continued expansion of our geographic footprint across the U.S.,” Tom Arnold, CEO of Gridium, said. “And as a source for customized engineering, procurement and construction services paired with project finance capacity we can strengthen overall service and quality on our Alpha decarbonization projects.”
“Gridium empowers our teams to deliver best-in-class energy management practices and savings to their clients, all while keeping tenants happy and operations running smoothly,” David Binswanger, co-CEO of Lincoln Property Company, said. “Gridium has been quickly adopted across our portfolio and is the partner we rely on to ensure our assets run their best.”
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