BP Leads Series A Funding of British Startup Grid Edge
October 10 2019 - 6:01AM
Dow Jones News
By Oliver Griffin
BP PLC (BP.LN) on Thursday said it has expanded its
digital-energy portfolio by leading a series A funding round in
Grid Edge, which is developing an artificial-intelligence platform
to help customers predict, control and better manage their
building's energy profile.
The integrated oil-and-gas giant said the investment by BP
Ventures will support the strategy of its alternative energy
business.
A series A funding round typically represents the first major
wave of a start-up's venture capital financing.
BP said Grid Edge's technology typically helps customers to
reduce carbon emissions by 10% to 15%, with some having reductions
of up to 30%. Building such as airports, shopping centers and
business directs could benefit from the technology, it said.
Grid Edge was formed out of Aston University's Energy Research
Institute in 2016. BP was joined in funding the British startup by
Goldacre.
Their investment will help Grid Edge to expand in the U.K.
market via its existing partnerships and to explore further
opportunities in Europe.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
October 10, 2019 05:46 ET (09:46 GMT)
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