As part of this alliance, SAIC has a $10m minority stake in BPLG, leading BPLG’s latest round of financing to capitalize the company in anticipation of the increase in smart grid spending by the electric utility industry to modernize electrical networks, BPLG said.
The combination of SAIC and BPLG would bring together capabilities to support electric utilities to deploy smart grid solutions, transforming energy efficiency. The financing total is $22m with SAIC’s investment plus $12m coming from Cross Atlantic Capital Partners and existing BPLG shareholders including, El Dorado Investment, Al-Deera Holding, KSCC, and Novitas Capital.
J T Grumski, senior vice president and business unit general manager, SAIC, said: “This investment and our strategic alliance with BPLG represent further strides in SAIC’s strategy to provide life-cycle capabilities to the rapidly evolving power industry, following our recent acquisition of R W Beck group.
“We look forward to integrating a number of SAIC’s capabilities into the Power SG platform and further expanding our support to this growing market.”
SAIC and BPLG have worked with electric utilities to submit proposals to Department of Energy (DOE) in response to demonstration and investment grant opportunities in the smart grid.
Keith Schaefer, CEO of BPL Global, said: “We are at an inflection point for the smart grid industry. Stimulus funding in the US and countries around the world has significantly increased the number and size of grid modernization projects. SAIC, with a rich legacy of innovation and strong presence in the electric utility industry, is well positioned to contribute to the development and deployment of modern grid technology on a global scale.”
