ENGIE, a global energy independent producer and Tendril, a leading U.S. provider of Energy Services Management (ESM) solutions, announce today the signature of a partnership to better serve European electricity users. Under the terms of the agreement, ENGIE, through its investment fund ENGIE New Ventures targeting innovative startups, invests 7,2 mio$ in Tendril.
“We have been planning our entry into the European market for a long time,” said Adrian Tuck, CEO of Tendril. “We knew our proven, enterprise-class software platform could be customized to meet the diverse needs of the European market. Our challenge was finding a forward-thinking utility partner to help us build winning solutions and support our market entry as a lighthouse partner. We have found that partner in ENGIE.”
Tendril’s ESM Platform already delivers highly personalized energy services to millions of customers in the U.S. Developed over the past ten years and honed through millions of customer interactions, the Tendril ESM Platform is the only flexible, scalable, enterprise-class software platform that serves as the connective tissue between the providers and consumers of energy. The goal of this partnership is to enable European customers to have access to Tendril’s customized ESM solution. In turn, Tendril will benefit from ENGIE’s large customer base and should contribute to addressing the pressing issue of energy transition in Europe.
“This new investment by New Ventures is a very significant step for ENGIE” said Gérard Mestrallet, CEO of ENGIE. “Following our first investment in the Belgian startup Powerdale specialized in smart mobility in August 2014, we are now striking a deal in the field of smart energy, another priority development area for our Group. ESM solutions developed by Tendril will enable us to better understand the individual needs of each of our customers. We will deliver tailored products and services that establish a truly personal and engaging energy experience for millions of customers.”
About New Ventures
New Ventures fund aims at taking minority equity positions in companies that share its strategic business orientation and have reached the pre-production development stage. Created in 2014, the €100 million fund has identified the following priority sectors:
ENGIE develops its businesses (power, natural gas, energy services) around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: independent power production, liquefied natural gas, renewable energy and energy efficiency services. ENGIE employs 147,400 people worldwide and achieved revenues of €81.3 billion in 2013. The Group is listed on the Paris and Brussels stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe and Euronext Vigeo (World 120, Eurozone 120, Europe 120 and France 20).
Tendril is defining data-driven Energy Services Management (ESM) for the evolving energy market. Our open, cloud-based software platform provides the infrastructure, analytics and understanding required to deliver personalized energy services. This targeted approach drives new business opportunities, delights consumers and has led to some of the industry’s highest engagement and satisfaction rates. For more information, please visit the website Tendrilinc.com.