SunPower invests $20 million in Tendril Networks

BOULDER — SunPower Corp. (Nasdaq: SPWR), the second-largest U.S. solar manufacturer, said Monday it will invest $20 million of growth capital in Boulder-based Tendril Networks Inc. in exchange for equity in the company, and also will license Tendril’s energy-management software.

Terms of the contract on the licensing deal were not disclosed, according to Tendril spokesman Brad Langley.

Tendril’s Energy Services Management Platform is an open, cloud-based software platform that provides the infrastructure, analytics and understanding required to deliver personalized energy services.

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The technology will help San Jose, Calif.-based SunPower monitor customers’ power consumption habits, and help customers better manage their energy consumption.

“We’ve spent the past decade developing the only flexible enterprise-class software platform that can deliver an accurate understanding of the energy consumer on an individual basis,” said Adrian Tuck, Tendril’s chief executive.

“Our partnership with SunPower will extend that understanding to include solar, increase engagement and value to energy consumers, and allow SunPower and our utility partners to better serve their customer base with even more personalized programs and services.”

Founded in 2004, Tendril went through a company restructuring in 2012 that included layoffs. Since the restructuring, it has been rehiring. It raised $15.3 million in 2013. That investment was in return for equity and the conversion of outstanding promissory notes.