Tendril, Simple Energy announce merger

BOULDER — Two Boulder companies in the energy analytics sector have merged into a company expected to serve more than 75 utilities and more than 100 million homes across the U.S.

The new company, Uplight, succeeds Tendril Inc. and Simple Energy Inc. as of Monday, according to a press release from the new company. They combine Tendril’s data analysis software service to tell utility providers how customers are using power with Simple Energy’s software to help utilities recommend energy-saving devices, such as smart thermostats, to those customers.

Former Tendril CEO Adrian Tuck is the head of the new company, while former Simple Energy CEO Yoav Lurie joined as Uplight’s COO.

The merger comes almost a month after private equity firm Rubicon Technology Partners took a majority stake in Tendril for an undisclosed sum. 

In a Twitter thread announcing the merger, Lurie said he had been in talks with Tuck for years about combining the companies, and Tendril was a top acquisition target for Simple Energy. Neither Rubicon or AES Corp., an energy investment firm and Simple Energy’s largest shareholder, wanted either company to sell to the other, so they decided to merge.

The company said it has a combined headcount of more than 300 employees, according to the press release.

In a phone interview with BizWest, Uplight chief strategy officer Justin Segall said the deal was actively in the works since late last year. Segall said the company hopes to find immediate growth by offering its full product line to customers that were previously only with either Tendril or Simple Energy. Uplight also plans to invest research and development dollars into new products and will continue to look for acquisition targets, he said.

Uplight’s five-year targets include saving 100 million metric tons of carbon dioxide from being produced for energy usage and saving their customers up to $10 billion in energy costs over time, including customers who might not have the funds to buy smart thermostats or other clean energy technology for their homes.

“It’s critical that we make sure the benefits of the clean energy economy extend to all, regardless of geography and socioeconomic status,” he said.

Segall declined to specify Uplight’s future revenue or sales goals, but said the company emphasizes “sustainable growth” over time.

Editor’s note: This story was updated to add comments from Justin Segall.

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