HASI Provides GridPoint With $150M for Decarbonization Platform
By Keith Loria June 21, 2023 5:02 pm
reprints
GridPoint, an energy management platform for commercial buildings, has received a credit facility of up to $150 million from climate investor HASI.
The Reston, Va.-based GridPoint, which focuses on helping property owners increase energy efficiency and lower their carbon footprints, will use the financing to expand its reach to commercial businesses operating small to midsize buildings, according to the company.
“Commercial businesses are increasingly making sustainability a high priority within their organization, but they often lack the resources and available budget required to reduce their carbon footprint,” Mark Danzenbaker, CEO of GridPoint, told Commercial Observer. “HASI’s investment facility will make building energy management and optimization technology accessible to buildings large and small, significantly increasing GridPoint’s ability to help commercial buildings reduce their energy consumption and resulting CO2 emissions.”
GridPoint uses sensors, among other mechanisms, to acquire building data that elucidates patterns, inefficiencies, and building health. “We serve a wide range of national brands in their sustainability efforts including Walgreens, Chipotle and Panda Express,” Danzenbaker said.
Currently, the platform serves more than 18,000 commercial sites and has generated cumulative energy savings of more than $873 million for customers, according to the company. Additionally, it’s eliminated 11.9 billion pounds of carbon dioxide equivalent emissions.
“The new funding will significantly accelerate the adoption of energy management technology for owners of commercial buildings, removing financial barriers to deployment, resulting in a massive reduction of carbon emissions,” Danzenbaker said. “We immediately funded deployments for three national quick-serve restaurants at the close of this facility.”
GridPoint anticipates expanding the number of buildings where it’s deployed to 100,000 sites over the next few years.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Keith Loria can be reached at Kloria@commercialobserver.com.
