O’Melveny Advises AutoGrid on Equity Investment From Shell Ventures
January 22, 2019
FOR IMMEDIATE RELEASE
SILICON VALLEY—January 22, 2019—O’Melveny represented AutoGrid, the leader in flexibility management software for the energy industry, in an equity investment from Shell Ventures LLC. The deal closed on January 18.
This funding is an extension of a Series D investment round announced in September from a consortium of energy companies that includes CLP Group, innogy, National Grid, Ørsted, Tenaska, Energy Impact Partners, Envision Ventures, and Total Energy Ventures. The investment will help drive AutoGrid’s deployment of its energy industry software, AutoGrid’s Energy Internet Platform™ and AutoGrid Flex™.
Based in Redwood City, CA, AutoGrid offers flexibility management applications that allow utilities, electricity retailers, renewable energy project developers and energy service providers to deliver clean, affordable and reliable energy by managing networked distributed energy resources (DERs) in real time and at scale. AutoGrid has more than 5,000 megawatts of DERs under contract with Xcel Energy, National Grid, E.ON, CPS Energy, Total, NextEra Energy and over 35 other leading energy companies around the world.
The O’Melveny team was led by Silicon Valley partner Paul Sieben and associate Bhavreet Gill.
About O’Melveny
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Contact:
Christopher Rieck
O’Melveny & Myers LLP
+1 212 326 2218
crieck@omm.com
The following press release was issued by AutoGrid:
Strategic investment from Shell Ventures to fuel AutoGrid’s global market expansion
REDWOOD CITY, CALIF. – January 18, 2019 – AutoGrid, the leader in flexibility management software for the energy industry, announced today that it has closed on a new equity investment from Shell Ventures LLC.
This funding comes as an extension to the Series D investment round announced in September from a powerful consortium of energy companies that includes CLP Group, innogy, National Grid, Ørsted, Tenaska, Energy Impact Partners, Envision Ventures and Total Energy Ventures.
This investment will further accelerate AutoGrid’s deployment of AutoGrid’s Energy Internet Platform™ and AutoGrid Flex™ for artificial intelligence (AI)-driven predictive controlsTM of connected, distributed and flexible energy assets in real time and at scale.
“AutoGrid has pioneered the science of flexibility management that enables energy providers to mine and extract data to balance supply and demand in real time,” said Geert van de Wouw, VP Shell Ventures. “We are pleased to join AutoGrid’s investment round and looking forward to gaining insights on how to increase productivity and value across distributed energy assets.”
“We’re proud to have one of the leading global energy companies committed to the transition towards a low-carbon future as an investor and partner,” said Dr. Amit Narayan, AutoGrid chief executive officer. “With the support of investors such as Shell, we’re significantly advancing our mission to transform the global new energy system.”
About Shell Ventures
Shell Ventures is the corporate venture capital arm of Royal Dutch Shell plc (“Shell”). Continuing Shell’s tradition in venture capital since 1997, Shell Ventures’ investment focus covers the full energy spectrum from O&G to renewable energy technologies and digital solutions. Shell Ventures is a strategic investor seeking technology companies and business models with energy solutions that can create substantial deployment value. Shell Ventures co-invests with other corporate investors and venture capital funds in both early stage and late stage (growth capital) companies, generally investing $2M-25M over the life cycle of the deal. For more information go to www.shell.com/shell-ventures.
About AutoGrid
AutoGrid builds software applications that enable a smarter distributed energy world. The company’s suite of flexibility management applications allows utilities, electricity retailers, renewable energy project developers and energy service providers to deliver clean, affordable and reliable energy by managing networked distributed energy resources (DERs) in real time and at scale. AutoGrid has more than 5,000 megawatts of DERs under contract with Xcel Energy, National Grid, E.ON, CPS Energy, Total, NextEra Energy and over 35 other leading energy companies around the world. For more information, visit www.auto-grid.com.