AutoGrid, a Redwood City, Calif.-based provider of flexibility management software for the energy industry, closed on a new equity investment from Shell Ventures LLC.
The amount of the deal – which came as an extension to the Series D investment round announced in September from a consortium of energy companies that includes CLP Group, innogy, National Grid, Ørsted, Tenaska, Energy Impact Partners, Envision Ventures and Total Energy Ventures – was not disclosed.
The company intends to use the funds to accelerate global deployment of its Energy Internet PlatformTM and AutoGrid FlexTM for artificial intelligence (AI)-driven predictive controlsTM of connected, distributed and flexible energy assets in real time and at scale.
Led by Dr. Amit Narayan, chief executive officer, AutoGrid provides a suite of flexibility management applications that allows utilities, electricity retailers, renewable energy project developers and energy service providers to deliver clean energy by managing networked distributed energy resources (DERs) in real time and at scale.
The company has more than 5,000 megawatts of DERs under contract with Xcel Energy, National Grid, E.ON, CPS Energy, Total, NextEra Energy and over 35 other energy companies around the world.