Innosphere joins Catalyze, Jacobs in Microgrid Labs investment
FORT COLLINS — Innosphere Ventures Fund, a venture-capital firm leading early-stage investments in software as a service, clean-tech and medtech companies, has advanced a seed-stage investment in Microgrid Labs Inc., a software and consulting company that provides integrated fleet electrification and microgrid solutions for commercial, industrial and municipal customers across the U.S.
According to information from Innosphere, the investment will allow MGL to scale the company’s software solutions and accelerate the planning, development and installation of the entire electrification process for fleet owners. Amount of the investment was not disclosed.
Innosphere Ventures Fund co-led the investment with Jacobs Engineering Group Inc. (NYSE: J), a Dallas-based global engineering company, and Catalyze, a leading clean energy transition company that builds, owns and operates solar, storage and electric vehicle charging systems for commercial and industrial customers.
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Catalyze this week also said that it had taken a minority stake in Microgrid and is collaborating to work with fleet owners on EV issues. Microgrid Labs in November announced that Jacobs had taken a minority stake in the company.
MGL graduated from Innosphere’s Commercialization Program at the end of 2020 and is now a portfolio company of the Innosphere Ventures Fund. “Innosphere Ventures Fund invested in Microgrid Labs because it has an innovative approach for wide-scale electric vehicle adoption and a solution for converting public transport and commercial fleets to clean and renewable energy,” Mike Freeman, general partner of Innosphere Ventures Fund, said in a written statement.
According to Innosphere, more than 40 million large trucks and buses carry cargo and commuters in the U.S. every day. The transition of these vehicles to large electric vehicles is under way. McKinsey has projected that commercial and passenger fleets in the U.S. will grow from fewer than 5,000 electric vehicles in 2018 to more than 8 million by 2030. “We’re excited to partner with MGL’s exceptional founders Narayanan Sankar and Namit Singh, who are leading the way with innovative technology enabling the transition to clean energy,” said Freeman.
MGL provides commercial fleet electrification services and microgrid infrastructure planning services to municipalities and corporations through its EVOPT Suite, a software as a service based platform for modeling, simulation, optimization and operation of electric vehicle fleets, charging infrastructure and energy infrastructure.
“We’re excited that Innosphere continues to be a part of our continued growth,” said Microgrid Labs CEO Narayanan Sankar. “The funding and strategic relationship with Innosphere Ventures Fund, Jacobs Engineering and Catalyze allow us to support many more organizations in reaching their sustainability goals, reducing transportation costs, and removing other challenges that have previously stood in the way of widespread EV adoption.”