Total Energy Ventures (TEV), the venture capital arm of Multinational giant, Total, has invested in start-ups, with the acquisition of interest in AutoGrid, a company that develops digital solutions to manage and optimize energy supplied to and from the power grids.
Founded in 2011, California-based AutoGrid has developed an internet platform that provides the capability to balance supply and demand for connected distributed energy resources, identify and prevent problems and optimize equipments consumption such as meters, water heaters and chargers. The applications use predictive controls technology to process data from energy assets and grid activity. Customers include utilities and equipment manufacturers that produce electricity from solar panels, batteries and other sources.
On a large scale, this technology enhances energy efficiency, thereby reducing costs and emissions. It also improves integration of renewable energies into the grid.
“Following on from the acquisition of stakes in Sunverge and Stem, this latest investment strengthens TEV’s portfolio in the area of smart grids,” commented Philippe Sauquet, President of Gas, Renewables & Power at Total. “Beyond the fact that AutoGrid promotes smart consumption of energy, its innovative solutions can drive major shifts in the way energy transmission grids are used, as well as greater, more flexible utilization of renewable energies.”
This funding round is intended to finance AutoGrid’s expansion. Besides, TEV will sit on the company’s Board of Directors as an observer for the consolidation of the group’s investments.