Tendril, an energy management technology provider, has acquired Massachusetts-based power company GroundedPower to accelerate the development and roll-out of its end-to-end energy management and consumer engagement systems for energy providers.
In addition, the company has secured an additional $23m in investment, including new equity capital from TIAA-CREF and the existing investors to further spur the development of energy efficiency and consumer engagement tools within the Tendril platform.
GroundedPower is the creator of the Interactive Customer Engagement System (iCES) that combines real-time energy monitoring with an integrated suite of consumer engagement and behavior change tools to facilitate an intuitive and interactive world of energy efficiency.
The acquisition, which will include GroundedPower’s iCES system and a developed sales pipeline to the public power market, specifically municipal and co-operative utilities, will enable Tendril to integrate behavioral-based energy efficiency applications and services into its platform.
Tendril plans to retain a majority of GroundedPower’s employees, including GroundedPower co-founder Paul Cole, who will assume the title of vice president of consumer products at Tendril.
Tendril CEO, Adrian Tuck said that its customers demand real, proven solutions for engaging consumers and enabling sustainable results for their Energy Efficiency programs.
“We researched the marketplace and selected GroundedPower because of their third-party validated, proven methodology for achieving world-class, behavioral-driven Energy Efficiency,” Tuck said.