AutoGrid announced that it has signed a definitive agreement to be acquired by Schneider Electric. The transaction is subject to regulatory approval and other customary closing conditions and is expected to close in Q3 2022. The acquisition will provide AutoGrid with the resources and global reach to accelerate its growth and pace of product innovation.
“Schneider Electric and AutoGrid have a shared vision for a more sustainable world through electrification, digitization and decarbonization. With AutoGrid, we can deliver significant value to energy companies by delivering cutting-edge technologies to drive adoption of smart grids and reduction of carbon emissions,” said Nadège Petit, chief innovation officer at Schneider Electric. “We are excited to create maximum impact with our customers by accelerating the reach and scale of AutoGrid.”
Schneider Electric and AutoGrid have been working together as partners since 2015 and announced a fully integrated Advanced Distribution Management System (ADMS) and Distributed Energy Resources Management System (DERMS) two years ago.
“Joining forces with AutoGrid will give customers the most advanced platform to integrate and orchestrate distributed energy resources for the benefit of all grid stakeholders,” said Luis D’Acosta, executive VP of digital energy at Schneider Electric. “These new capabilities will accelerate prosumer engagement for a more sustainable and efficient grid.”
AutoGrid’s AI-powered Virtual Power Plant (VPP) and Distributed Energy Resources Management (DERMS) Platform offers a sustainable alternative to dirty and expensive fossil-fuel dependent backup power plants by managing and deploying additional untapped capacity from batteries, electric vehicles and flexible load. AutoGrid has transformed the century-old, one-way, electricity grid architecture into a two-way flow of electrons that gives consumers the freedom and economic incentive to combat climate change with their energy decisions
“We started AutoGrid with the singular mission of accelerating the world’s access to sustainable energy,” said Amit Narayan, founder and CEO of AutoGrid. “I am grateful for the help we have received from Schneider Electric as an ardent supporter throughout this journey. I can say with confidence that we couldn’t have found a better partner who is more aligned in terms of our values and commitment to the mission to decarbonize our planet. I am now looking forward to the next chapter to scale our technology even faster to solve this urgent climate crisis facing us.”
News item from AutoGrid
