Energy technology manufacturer Schneider Electric and power producer AES Corporation co-led a round of undisclosed size for US-based energy management software provider Uplight on Wednesday that valued it at $1.5bn.
The round included energy-focused investment firm Huck Capital, investment manager Coatue and investment firm Inclusive Capital Partners’ Spring Fund II. Goldman Sachs was adviser to Uplight on the round while Nomura Greentech advised the investors.
Uplight is the creator of a software platform that helps utilities engage with their customers and assist them in managing their energy use while balancing power transmission.
The company was formed in mid-2019 by energy services provider Tendril and recently acquired companies EnergySavvy, FirstFuel and Eeme, with energy data software producer Simple Energy. It purchased energy saving tool developer Ecotagious shortly afterwards.
Schneider Electric, Huck Capital and Inclusive Capital Partners invested having agreed a partnership in August 2020 to form a company tasked with helping businesses transition to a greener energy supply.
AES president and CEO Andres Gluski said: “Uplight shares AES’ commitment to accelerate a smarter, greener energy future. Digital technologies engage customers in new ways for the more efficient use of energy.
“These tools improve customer satisfaction while reducing the carbon footprint of utility companies. We are continuing to invest in Uplight based on their proven track record and the great benefits these solutions bring for our customers and society.”
