California Smart-Grid Designer Raises $32 Million in Financing

(Bloomberg) -- AutoGrid Systems Inc., a California company developing software to manage power on the grid, said it closed a $32 million round of financing as it expands in North America, Asia and Europe.

The Series D round included new investors CLP Holdings, Germany utility Innogy SE, Danish renewable power developer Orsted A/S and power producer Tenaska, according to a statement from Redwood City, California-based AutoGrid. Existing investors participating in the round include Energy Impact Partners and Envision Ventures.

AutoGrid expect to sign contracts for over 5,000 megawatts of flexible grid resources by the end of this year.

©2018 Bloomberg L.P.