Geothermal power producer Ormat Technologies has agreed to acquire the business and assets of US-based energy grid technology developer Viridity Energy for at least $35m, granting an exit to corporates Intel and Mitsui.
Viridity has built a software platform that can automate energy demand response and management and grid-scale battery storage. Ormat aims to enhance its VPower platform and increase its own energy market presence post-acquisition.
The $35m will be paid in cash and the price could increase if specific performance milestones are met at the end of the 2017 and 2020 fiscal years. Viridity had raised $45.5m since it was founded in 2009, according to press releases and securities filings.
Semiconductor technology provider Intel’s corporate venturing arm, Intel Capital, took part in Viridity’s $14m series B round in 2011 together with Braemar Energy Ventures, after the company had raised $8m in 2009.
Viridity then secured $15m in 2012 from Intel Capital, Braemar, Mitsui Ventures, which invests as a subsidiary of conglomerate Mitsui, Novus Energy Partners and AltEnergy, the energy investment firm that provided another $8.5m for Viridity in May 2016.