Gridco gets $12 Million to Grow Global Power Electronics Footprint
Gridco Systems, a leader in agile grid infrastructure solutions for electric power distribution system operators, today announced a new $12 million round of funding from multiple investors. Gridco has now raised more than $54 million since its founding in 2010.
The investor group comprises existing Gridco investors General Catalyst, Lux Capital and North Bridge Venture Partners, as well as one of the world's largest private family investment offices. It also includes a new strategic investor, the global market leader in power transformer regulation, Maschinenfabrik Reinhausen GmbH (MR).
"This new funding will enable Gridco to expand the markets for our proven technology solutions in North America and Europe, while providing the capital to support continued commercial growth," said Naimish Patel, Gridco Systems CEO.
"Gridco and MR share the vision of enabling utilities to build and operate agile, flexible, efficient grids," said Michael Rohde, Managing Director of MR. "We are looking forward to jointly exploring synergy potentials for the benefit of our customers in the U.S. and internationally."
Over the past year, Gridco has launched several new power regulation products, leveraging its expertise in power electronics and distributed controls to address challenges facing distribution system operators worldwide. The new products include the Gridco Systems SVC-20 Static VAR Compensatorâ„¢; the IPR-150, a 150kVA three-phase Inline Power Regulatorâ„¢; and the PRT-50, a 50kVA integrated Power Regulating Transformerâ„¢. The company has also expanded field deployments of its flagship IPR-50 system, with a customer base of more than a dozen utilities.
The first commercially available product of its kind, the PRT combines a best-in-class pad-mounted distribution transformer with a power electronics-based Gridco Systems In-line Power Regulatorâ„¢ (IPR), packaged in an integrated assembly for installation on existing distribution transformer pads. The PRT-50 provides distribution utilities with a new tool to more effectively integrate Distributed Energy Resources (DER), enhance Conservation Voltage Reduction (CVR) and peak demand management programs, assure power quality to sensitive customer equipment, and increase overall system reliability.
