The growing investor interest in smart grid technologies was again underlined this week after US-based smart grid startup BPL Global raked in $23m in funding.
The company said the investment - which came from existing backers IFA Group, Novitas Capital, El Dorado and Morgan Stanley, as well as new investor Cross Atlantic Capital Partners - would be used to product development and an expansion of its sales activities globally.
Chief executive Keith Schaefer said the company, which specialises in smart grid software designed to help electricity companies better manage energy demand and distribution, was on track to finish the year as a profitable operation with a "strong international business base".
The company has recently secured deals to deploy smart grid systems in Ukraine, Ghana and South Africa, and is also working on automated fault detection projects in Thailand and Venezuela. Schaefer said that alongside continued activity in the US the company was now targeting further international expansion, adding that "we see growth in demand for smart grid solutions escalating worldwide, driven by the necessity for energy efficiency and operational reliability".
There is also an argument that developing economies with still expanding energy grids will find it easier to implement intelligent grid technologies that allow utilities to track and manage how much energy customers are using in real time compared to more developed economies where existing infrastructure may have to be replaced.
Richard Fox, managing director of Cross Atlantic Capital Partners, agreed that the global market for smart grid technologies is poised for "rapid expansion" as utilities investigate means to curb energy use and better manage growing demand/supply imbalance.
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