Friday, November 21, 2008

Energy Storage Technology Gains Traction

Smart grid startup GridPoint Inc. got into the utility power storage business Tuesday, announcing that utility Xcel Energy had chosen its software to manage a wind power battery storage project.

GridPoint raised $120 million in September and bought Seattle-based V2Green, a company that makes technology to allow plug-in vehicles to communicate with and provide power back to utilities. GridPoint previously had raised roughly $102 million before that in four rounds of funding, with investors including Goldman Sachs Group and Susquehanna Private Equity Investments, New Enterprise Associates, Perella Weinberg Partners, Robeco and the Quercus Trust.

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