Total Energy Ventures (TEV) has acquired an interest in AutoGrid, a smart grid firm specialising in solutions that optimise the supply and use of energy.
California-based AutoGrid has developed an internet platform that provides users with the ability to balance supply and demand in a grid connected to various distributed energy resources.
Used on a wide scale, the technology enhances energy efficiency and can improve the integration of renewable energies into the grid, TEV said without revealing the scale of its investment.
The AutoGrid platform can identify and prevent grid problems as well as optimize the use of devices such as meters, water heaters and chargers. It uses predictive controls technology to process data from energy assets and grid activity.
“Following on from the acquisition of stakes in Sunverge and Stem, this latest investment strengthens TEV’s portfolio in the area of smart grids,” commented Philippe Sauquet, President of Gas, Renewables & Power at Total. “Beyond the fact that AutoGrid promotes smart consumption of energy, its innovative solutions can drive major shifts in the way energy transmission grids are used, as well as greater, more flexible utilization of renewable energies.”
This funding round is intended to finance AutoGrid’s expansion. TEV will sit on the company’s Board of Directors as an observer.