Gridium, a decarbonization partner to leading real estate firms, announced total funding of over $14 million from investors who see the potential to decarbonize commercial buildings. Lead investor Navitas Capital joined other luminaries from the commercial real estate space—Lincoln Property Company and Tim Naughton, current Chairman and former CEO of AvalonBay—in providing additional equity funding following a year of record revenues across Gridium’s software and decarbonization project financing offerings. This investment will fuel the company’s hiring efforts, scale the software offerings, and bolster strategic partnership opportunities.
Navitas' Managing Partner, Travis Putnam, said, “Gridium’s unique combination of AI-based software tools and energy efficiency finance solutions make it the ideal energy partner for real estate organizations looking to increase asset value and lower their carbon footprints at scale. Gridium has earned the trust of the industry by consistently delivering outstanding results.”
Gridium also entered into a revolving debt financing facility sized at $10 million with Mitsubishi HC Capital America. The facility supports Gridium’s capacity to provide upgrades to equipment, controls and software without requiring an upfront capital expenditure from customers, an offering named Gridium Alpha. Projects will be executed in the service territories of PG&E, SDG&E, and SCE in California.
“We’re proud to support Gridium and their commitment to decarbonizing buildings,” said Tom Waters, Director, Clean Technology Finance at Mitsubishi HC Capital America, Inc. “Working with Gridium’s deeply experienced team as they continue to produce lasting, substantial value for building operators and owners reaffirms our commitment to the United Nations Sustainable Development Goals. This debt facility will boost the team’s ability to move efficiently and capture more share in this important market.”
“The latest raise validates our unwavering commitment to accelerating our customers’ decarbonization strategies and will support the continued expansion of our geographic footprint across the U.S.,” said Tom Arnold, Chief Executive Officer of Gridium. “And as a source for customized engineering, procurement and construction services paired with project finance capacity we can strengthen overall service and quality on our Alpha decarbonization projects.”
“Gridium empowers our teams to deliver best-in-class energy management practices and savings to their clients – all while keeping tenants happy and operations running smoothly,” said David Binswanger, Co-CEO of Lincoln Property Company. “Gridium has been quickly adopted across our portfolio, and is the partner we rely on to ensure our assets run their best.”