GDF Invests $7.2 Million in Tendril’s Energy Management SoftwareJustin Doom
GDF Suez, operator of Europe’s largest natural gas network, is investing $7.2 million in Tendril Networks Inc.’s energy-management software platform.
The funding will help Tendril expand in Europe, Adrian Tuck, chief executive officer of Boulder, Colorado-based Tendril, said in an e-mailed statement Tuesday. GDF Suez also is in separate discussions with the closely held software developer to license the technology, he said.
“We are now striking a deal in the field of smart energy, another priority development area for our group,” GDF Suez Chief Executive Officer Gerard Mestrallet said in the statement. “Solutions developed by Tendril will enable us to better understand the individual needs of each of our customers.”
Tendril’s platform allows utilities to engage with customers to help them manage their energy use more efficiently, according to its website.
SunPower Corp., the second-largest U.S. solar manufacturer, agreed in December to invest $20 million and license Tendril’s technology, which the San Jose, California-based company said it would use to monitor customers’ power-consumption habits.
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