The investment arm of utility National Grid is making a $10 million stake in a Canadian grid analytics company.
Copperleaf announced the investment by National Grid Partners, which is focused on funding for high-growth companies offering disruptive technologies in the energy sector. National Grid also has acquired Copperleaf’s C55 Decision Analytics solution for three of its business units over the past three years.
“Like many companies, National Grid invests in critical infrastructure assets,” National Grid Chief Technology and Innovation Officer Lisa Lambert, who is also founder and president of National Grid Partners, said in a statement. “We rely on Copperleaf to make the best infrastructure investment decisions given a myriad of strategic and operational constraints. At the same time, Copperleaf is perfectly aligned with National Grid Partners’ mandate of investing in segment-leading companies that are disrupting the energy industry. We look forward to strengthening the partnership between National Grid and Copperleaf.”
In 2016, C55 was implemented at National Grid to enhance decision making for its gas distribution infrastructure in the northeastern US. Two years later, the company selected C55 for its electricity transmission and gas transmission operations in the UK.
Headquartered in Vancouver, Copperleaf has been working at developing innovative approaches to making asset investment decisions since 2000. In 2018, Copperleaf’s revenue growth placed the company on the GROWTH 500 ranking of Canada’s Fastest-Growing Companies for the fourth consecutive year, and Deloitte’s Technology Fast 500™ ranking of the fastest-growing technology companies in North America.
Copperleaf will use the capital to fund innovation and growth into new markets and geographies worldwide. The company currently uses analytics and data solutions to help manage more than $645 billion of infrastructure globally.
“We’re excited to expand our relationship with National Grid, one of the leading energy brands in the world,” said Judi Hess, Copperleaf CEO. “We see this as an opportunity to partner with the NGP team to expand our footprint within the National Grid global network, and benefit from the company’s unique approach to innovation and proven expertise in the energy sector.”
Andre Turenne, Director of Corporate Venture Capital at National Grid Partners will join Copperleaf’s board of directors. Turenne brings more than 30 years of venture capital, business development, operating and technical experience to Copperleaf.
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