Energy startup AutoGrid secures ₹232 crores in series D funding

Must Read

Jharkhand polls for 81 constituencies from November 30 to December 20; counting on 23rd December

Addressing a press meeting today, Chief Election Commissioner Sunil Arora has announced the poll dates for Jharkhand Legislative assembly....

Congress forms six-member committee of AICC to review situation of NRC in Assam

In a bid to review the condition of Assam state after the implementation of the NRC exercise, Congress party...

Shiv Sena elects Eknath Shinde as party’s legislative leader; Sunil Prabhu appointed as chief whip of party

In a striking breakthrough, Shiv Sena elected senior minister Eknath Shinde as the party's legislative leader today. It has...

Bengaluru-based AI-powered energy startup AutoGrid has raised around ₹232 crores ($32 million) in series D funding from a global consortium of energy companies including Hong Kong-based CLP Holdings Group, Germany-based innogy, Ørstead from Denmark, and Tenaska from the US.

All existing investors including Energy Impact Partners, Envision Ventures, Total Energy Ventures, Clearsky Power & Technology Fund, E.ON, and Foundation Capital, participated in the round.

With this round, the startup has raised a total of $75 million to accelerate growth and further increase its product differentiation.

The funds raised will be used to accelerate commercial deployment of AI-powered flexible energy resources network across North America, Europe, and Asia-Pacific.

AutoGrid provides an AI-powered real-time optimization and control platform that uses data analytics, machine learning, and IoT technologies to enable a smarter and cleaner distributed energy world.

Talking about the investment, Dr Amit Narayan, Chief Executive Officer, AutoGrid, said, “We are humbled by the trust and responsibility that some of the largest energy companies in the world are placing in us in their transformative journey towards a new energy future. We are excited by the opportunity this investment gives us to drive forward our mission of accelerating the world’s transition to clean, affordable and reliable energy.”

AutoGrid’s flexibility management applications allow utilities, energy retailers, and energy service providers to deliver clean, affordable, and reliable energy by managing networked distributed energy resources (DERs) in real-time and at scale.

The startup claims to have more than 3,500 megawatts of flexible capacity from DERs under contract, it plans to expand the capacity to 5,000 megawatts of flexible resources before the end of 2018.

It has leading global energy companies as its clients including National Grid, NextEra Energy, E.ON, Total, Xcel Energy, China Light, and Power, among 30 other energy companies from around the world.

AutoGrid has evaluated the needs of DSM in India and is currently working with the Andhra Pradesh government and APSPDCL to build and launch these programs that will create the basis of transformational changes in the electricity sector.


Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Vodafone in battle with IT Dept

New Delhi, Nov 20 (IANS) Vodafone India and the Income Tax Department are battling it out as Vodafone seeks...

Turkey threatens to “look elsewhere” if F-35 dispute continues

Ankara, Nov 20 (IANS) If the US stance on delivery of F-35 fighter jets does not change, Turkey would be forced to "look elsewhere"...

UN chief regrets US decision on Israeli settlements

United Nations, Nov 20 (IANS) UN Secretary-General Antonio Guterres has regretted Washington's announcement that Israeli settlements in occupied Palestinian territory will no longer be...

Hindu Mahasabha activists seek to reignite Godse issue

Bhopal, Nov 19 (IANS) The Hindu Mahasabha on Tuesday sought to reignite the Nathuram Godse bushfire by inviting Netaji Subhas Chandra Boses "grand niece"...

Rs 7.28L cr Mudra loans disbursed in 3 fiscals

New Delhi, Nov 19 (IANS) Rs 7.28 lakh crore loans have been disbursed to 3.27 crore marginal and small entrepreneurs, including SCs and STs,...
- Advertisement -

More Articles Like This