US-listed utility Constellation Energy Group has bought CPower, a local energy management company part-owned by Intel Capital and Aster Capital, a France-based venture capital firm with two main strategic limited partners.
Constellation agreed to buy CPower, formerly known as ConsumerPowerline, in mid-September from semiconductor company Intel’s corporate venturing unit, Aster and VC peers Bessemer Venture Partners, Mayfield Fund, New York City Investment Fund, Consensus Business Group and Expansion Capital Partners for an undisclosed sum.
Intel made its initial investment of an undisclosed size in CPower in July last year as part of its Open Energy Initiative. The money was an extension to CPower’s $10.7m series B round that initially closed in April.
Aster became an investor through taking on Schneider Electric Ventures’ holdings after the French industrial group and peer Alstom merged their corporate venturing activities to form Aster.
Schneider Electric Ventures had been part of CPower’s $17m series A round in September 2007.
Supported by partners, such as Schneider Electric, the company became one of the three largest demand-response providers in the US.
Benoit Toulouse, partner at Aster Capital and board observer at CPower, in a statement on October 1 said: "I am very proud of this high-profile exit, which confirms our sponsor venture business model. By leveraging our sponsor, Schneider Electric, and maintaining a strong partnership, we have generated significant value to the company and very good financial return for the fund."