GE funds smart grid start-up

A US smart grid technology company which specialises in home energy management has received an undisclosed amount of funding from GE Energy Financial Services.

The investment by GE follows an early investment of $30m (£18.5m) in the company announced in June which Tendril claims makes it one of the best-funded energy management startups. Tendril's main product, Tendril Residential Energy Management Ecosystem (TREE), is aimed at both utilities and home consumers. In July GE Consumer & Industrial and Tendril announced that they would integrate the TREE Platform to work with GE's dryers, refrigerators, washing machines and other appliances.

“As one of the world's largest and most respected corporations, with strong utility partnerships and a loyal customer base, GE is uniquely positioned to deliver cutting-edge solutions to help drive adoption of the smart grid,” said Tendril chief executive Adrian Tuck. “GE’s investment in Tendril is a testament to our innovative technology platform and market position. It also further validates our reputation as a leading home energy management platform provider that can be trusted to deliver compelling, tightly integrated solutions to utilities and their customers.”

GE Energy Financial Services also announced that it has invested in Grid Net, which develops smart grid management technologies aimed at utilities.

According to GE, the energy efficiency of appliances, lighting and water heating, which account for half of household electricity usage, can be improved by home energy management systems.

"With 37 per cent of total US electric energy consumption associated with residences, and as utilities implement dynamic pricing, demand response appliances will enable consumers to save millions of dollars and cut load on the grid," the company said in a statement.

The UK has committed to roll out smart meters to every home in the UK by 2020 as part of a wider European initiative to support the deployment of smart grids.

Last month GE stepped up its push into the European wind energy market with the acquisition of Norway-based offshore wind turbine specialist ScanWind. GE claims to offer the most widely deployed turbine in the world in the form of its 1.5MW series of turbines, 12,000 of which are now in operation globally.

Tendril is also backed by VantagePoint Venture Partners, Good Energies, RRE Ventures, Vista Ventures and Appian Ventures.