Uplight to acquire AutoGrid, building on Schneider ties
BOULDER — Uplight Inc., which provides software for utilities and energy companies, has agreed to acquire AutoGrid Systems Inc., based in Redwood City, California.
Terms of the deal were not disclosed.
AutoGrid provides software solutions that allow energy companies to better manage distributed-energy sources, including rooftop solar, electric vehicles and batteries.
The deal comes just a year and a half after Schneider Electric acquired AutoGrid. Schneider also led a 2021 funding round that valued Uplight at $1.5 billion.
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“The grid is at a critical inflection point that demands integrated, effective digital solutions to accelerate electrification, efficiency, and decarbonization,” Luis D’Acosta, CEO of Uplight, said in a written statement. “Our new platform will combine Uplight’s deep customer engagement capabilities and AutoGrid’s leading renewables and flexible capacity management solutions to provide a vibrant connected ecosystem where our utility clients, energy users, and equipment manufacturers can accelerate their impact in the energy transition.”
Ruben Llanes, CEO of AutoGrid, said the combination will benefit customers.
“Energy companies are increasingly looking for a solution which encompasses the full spectrum of flexibility management, from grid scale batteries down to devices in people’s homes,” Llanes said in a prepared statement. “By joining forces, we are creating a truly world-class experience for those energy companies, ecosystem partners, and energy customers alike — all powered by our shared mission and global expertise.”
The combined company will employ more than 700 workers. The deal is expected to close in early 2024.
Debevoise & Plimpton LLP acted as counsel to Schneider Electric and AutoGrid in the transaction, while Cooley LLP counseled Uplight.
