US start-up acquires power company

20 Oct 2010

US-based start-up Tendirl has announced its acquisition of the power company GroundedPower.

Colorado-based Tendril, an energy management technology provider, also announced that it has secured a $23m round of series D funding on top of the acquisition of Massachusetts-based GroundedPower – the creator of the Interactive Customer Engagement System (ICES) for consumer-driven energy management and efficiency.

“We researched the marketplace and selected GroundedPower because of their third-party validated, proven methodology for achieving world-class, behavioural-based energy efficiency,” commented Tendril CEO Adrian Tuck.

“As a result of this strategic acquisition, we can offer utilities an even more robust energy management solution, adding behavioural-based energy efficiency applications and services into Tendril’s proven, scalable, open platform,” he added.

Tendril announced it has closed the $23m (around €17m) round of series D funding brings its total to $73m (around €53m).

Tendril is an energy-management technology provider of management software, hardware and services for consumers and utility companies.