Utilidata receives $20MM to optimize energy management in three markets

Utilidata obtains $20 million in financing to improve its grid monitoring technology and expand in its services in Asia, the Middle East and North America.

Grid management systems manufacturer Utilidata obtained $20 million in financing to improve its grid monitoring technology and expand in markets in Asia, the Middle East and North America, Bloomberg reported.

The Series B funding was made by a number of investors, including Formation 8 Partners, Saudi Aramco Energy Ventures and American Electric Power. Scott DePasquale, chairman and CEO of Rhode Island-based Utilidata, said the company is excited to partner with new investors Formation 8 and Saudi Aramco, which operates in Saudi Arabia - a country that is one of the largest consumers of electricity in the world. Investors said Utilidata's power management systems help lower energy costs between 3 percent to 5 percent.

The funding will go toward advances in product development as well as increased voltage optimization and systems management.

"The really valuable part is that now we can tell the utility a real-time status of the grid, and they're able to make better decisions," Formation 8 Founder Jim Kim, who will be part of Utilidata's board of directors, told Bloomberg. "If you want the 5 percent savings, you can just install it."

Explore the spread of smart grids through international cooperation at PennEnergy Research

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs