Energy Impact Partners (EIP) announced that it has closed an investment in Tendril Networks, Inc. (Tendril), a leader in residential energy analytics. This is the first investment made through EIP’s Energy Impact Credit Fund (EICF). Zoma Capital, one of EIP’s institutional investors, also participated in the transaction.
Formed in 2004 and based in Boulder, Colorado, Tendril is backed by some of the largest blue-chip venture capital investors and has become a leader in residential energy analytics. The company’s offerings include behavioral energy efficiency and customer engagement with its home energy report and bill monitoring products, and continuous demand management through its Orchestrated Energy product.
Harry Giovani, Managing Partner at EICF, commented: “Tendril is a leader in residential energy analytics and one of a select few companies of scale in the industry. We are very impressed by their management and technical talent and look forward to supporting the company’s growth plans.”
“This transaction showcases our credit structuring capabilities and our unique ability to underwrite organizations in the space,” added Greg Richards, Managing Director at EICF.
“Energy Impact Partners has played an important role contributing to the evolution of the energy industry,” said Adrian Tuck, CEO, Tendril. “They apply a rigorous process to identify the partners they invest in, making this deal a testament to Tendril’s leading Demand Side Management Platform and successful track record serving electric and gas utilities. We look forward to a long, productive relationship.”
Tendril differentiates itself from its competitors by offering a robust DSM data analytics platform rather than simple point solutions, as well as having product flexibility to meet customers’ individual needs. In the last few years, Tendril has developed revolutionary product offerings, such as Orchestrated Energy, to closely integrate with best-of-breed connected energy solutions providers to optimize demand response and enhance customer satisfaction.
“We are very excited about this first investment by our newly launched credit fund, offering further value-added financing solutions to the energy industry,” noted Hans Kobler, CEO and Managing Partner at EIP.
EIP established EICF to support U.S.-based small- and middle-market businesses, with a specific focus on energy impact-related investments.