O’Melveny Advises AutoGrid Systems in Acquisition by Schneider ElectricMay 12, 2022
FOR IMMEDIATE RELEASE
SILICON VALLEY—May 12, 2022—O’Melveny advised AutoGrid Systems, an energy industry leader in flexibility management software, in its definitive agreement to be acquired by energy management and automation company Schneider Electric.
The agreement was announced on May 11, 2022 and is expected to close in Q3 2022.
The acquisition, which is subject to regulatory approval and customary closing conditions, will accelerate AutoGrid’s global expansion and innovative capabilities
Established in 2010 and headquartered in Redwood City, California, AutoGrid builds AI-powered software that manages distributed energy resource (DER) networks. The company’s mission focuses on combatting climate change by facilitating clean, affordable, and sustainable energy distribution worldwide.
O’Melveny has served as outside counsel to AutoGrid since its formation. The team advising AutoGrid was led by managing partner of O’Melveny’s Silicon Valley office, Paul Sieben, and associates AJ Talt and Christina Meng.
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AutoGrid issued the following announcement:
Climate-AI Pioneer AutoGrid to be Acquired by Schneider Electric to Accelerate Energy Transition
REDWOOD CITY, CA, May 11, 2022
The acquisition will enable Autogrid to expand into new geographies, and empower energy companies globally with the tools needed to add 1,000+ GW of renewable and distributed energy resources to the grid in the coming decade
AutoGrid and Schneider Electric announced an integrated solution for utility digital transformation in January 2020 which is ranked as the #1 Distributed Energy Resources Management System solution by independent research firm Guidehouse Insights
AutoGrid, the leader in artificial intelligence (AI)-driven optimization for distributed energy resources (DERs), announced today that it has signed a definitive agreement to be acquired by Schneider Electric, the global specialist in energy management and automation. The transaction is subject to regulatory approval and other customary closing conditions and is expected to close in Q3, 2022. The acquisition will provide AutoGrid with the resources and global reach to accelerate its growth and pace of product innovation.
“Schneider Electric and Autogrid have a shared vision for a more sustainable world through electrification, digitization and decarbonization. With Autogrid, we can deliver significant value to energy companies by delivering cutting-edge technologies to drive adoption of smart grids and reduction of carbon emissions,” said Nadège Petit, Chief Innovation Officer at Schneider Electric. “We are excited to create maximum impact with our customers by accelerating the reach and scale of Autogrid.”
Schneider Electric and AutoGrid have been working together as partners since 2015 and announced a fully integrated Advanced Distribution Management System (ADMS) and Distributed Energy Resources Management System (DERMS) two years ago. In January 2022, the energy industry’s leading independent research firm Guidehouse Research ranked the Schneider Electric – AutoGrid DERMS solution as #1 in the world.
“Joining forces with Autogrid will give customers the most advanced platform to integrate and orchestrate distributed energy resources for the benefit of all grid stakeholders,” said Luis D’Acosta, Executive Vice President of Digital Energy at Schneider Electric. “These new capabilities will accelerate prosumer engagement for a more sustainable and efficient grid.”
AutoGrid’s technology plays a direct role in combating climate change. For over a decade, AutoGrid has pioneered the science of flexibility management to enable wide-scale renewable energy adoption. Their democratized energy internet smooths out sudden fluctuations in renewable energy supply and customer energy demands. AutoGrid’s AI-powered Virtual Power Plant (VPP) and Distributed Energy Resources Management (DERMS) Platform offers a sustainable alternative to dirty and expensive fossil-fuel dependent backup power plants by managing and deploying additional untapped capacity from batteries, electric vehicles and flexible load. AutoGrid has transformed the century-old, one-way, electricity grid architecture into a two-way flow of electrons that gives consumers the freedom and economic incentive to combat climate change with their energy decisions.
“We started AutoGrid with the singular mission of accelerating the world’s access to sustainable energy”, said Amit Narayan, Founder and CEO of AutoGrid. “I am grateful for the help we have received from Schneider Electric as an ardent supporter throughout this journey. I can say with confidence that we couldn’t have found a better partner who is more aligned in terms of our values and commitment to the mission to decarbonize our planet. I am now looking forward to the next chapter to scale our technology even faster to solve this urgent climate crisis facing us.”
Founded in 2010, with the mission of combatting climate change by accelerating access to clean, affordable & reliable energy globally. AutoGrid’s AI-driven software empowers energy consumers, creators and distributors with a smart orchestration platform giving them access to electric vehicles, batteries, roof-top solar, utility-scale wind and other distributed energy resources (DERs). By enabling prediction, optimization, and real-time control of millions of energy assets at an unprecedented scale, AutoGrid is making the vision of a decentralized, decarbonized, and democratized new energy world a reality.
With over a decade of pioneering innovation across the globe, AutoGrid offers fleet owners, energy-as-a-service companies, renewable project developers, utilities, and electricity retailers the ability to build, own, operate, and participate in intelligent and scalable Virtual Power Plants (VPPs) enabling them to break their dependency on fossil-fuel based energy. AutoGrid Flex platform is managing over 6,000 MW of VPPs in 15 countries – everything from an electric vehicles, storage or solar panels in a home, to microgrids in a campus or industrial site, and utility scale storage and renewable farms – and is ranked as the #1 Virtual Power Plant and the #1 Distributed Energy Resources Management Platform in the world (according to the latest global ranking by industry-leading research and analysis firm Guidehouse Insights).
Additional info can be found at: http://www.auto-grid.com