Menlo Park, CA-based Gridium, a decarbonization company that partners with real estate firms, raised $14M in fresh funding.
Following a year of record revenues across Gridium’s software and decarbonization project financing services, Navitas Capital, Lincoln Property Company, and Tim Naughton, current Chairman and previous CEO of AvalonBay, joined the round to provide further equity funding.
Moreover, Gridium signed a $10 million revolving debt financing deal with Mitsubishi HC Capital America, Inc.
With its Gridium Alpha product, the facility enables Gridium to upgrade hardware, software, and controls without requesting an upfront capital investment from clients.
Projects will be executed in the service territories of Pacific Gas and Electric (PG&E), San Diego Gas & Electric (SDG&E) and Southern California Edison (SCE) in California.
“Working with Gridium’s deeply experienced team as they continue to produce lasting, substantial value for building operators and owners reaffirms our commitment to the United Nations Sustainable Development Goals,” said Tom Waters, Director of Clean Technology Finance at Mitsubishi HC Capital America, Inc.
“This debt facility will boost the team’s ability to move efficiently and capture more share in this important market,” said Tom Waters, Director, Clean Technology Finance at Mitsubishi HC Capital America, Inc.,” added Waters.
The startup will put the money to use to speed up hiring, expand its software selection, and strengthen collaboration prospects.
Building owners and operators rely on Gridium to navigate the energy transition
Gridium is the ideal energy partner for real estate firms aiming to boost asset value and significantly reduce their carbon footprints due to its unique combination of AI-based software tools and energy-efficiency finance solutions.
The business has gained the industry’s trust by continuously producing excellent results.
To negotiate the energy shift through increasing efficiency, funding retrofits, and optimizing operations, building owners and operators rely on Gridium.
Using Gridium, these structures achieve their sustainability objectives, minimize their carbon emissions, and save millions of dollars on power, gas, and water utility costs.
“Gridium empowers our teams to deliver best-in-class energy management practices and savings to their clients – all while keeping tenants happy and operations running smoothly. The startup’s technology has been quickly adopted across our portfolio and is the partner we rely on to ensure our assets run their best,” said David Binswanger, Co-CEO of Lincoln Property Company.
Almost 300 million square feet of office space, corporate offices, and healthcare institutions are directly serviced by the organization nationwide.