Posts Tagged ‘Duke Energy’
Wednesday, January 19th, 2011
 ARLINGTON, VA - GrindPoint Inc., which sells smart grid software and services, has raised $23.6 million in new funding, according to a regulatory filing. The company has raised $229 million over five rounds since 2006.
Investors in the company include Goldman Sachs, New Enterprise Associates, Susquehanna Private Equity, Perella Weinberg Partners, and Robeco.
Principals listed in the filing with the US Securities and Exchange Commission disclosing the new funding, in addition to company executives include:
J. Roderick Heller, Carnton Capital Associates, Washington, D.C.; Jeffrey Berman, Greenhouse Schools project, London; Robert Mancini, Cogentrix Energy, Inc., Charlotte, NC; Tom Soto, Craton Equity Partners, Los Angeles; Jacob Worenklein, US Power Generating Company, New York, Larry M. Kellerman, Goldman Sachs; Stephen Lehner Morgan Stanley; David W. Mohler, CTO, Duke Energy; Joseph M. Perta, Advanced Software Systems Inc., Sterling, VA; Paul J. Powers, Jr., partner, Satterlee Stephens Burke & Burke, NY; George P. Stamas, Kirkland & Ellis, Washington, D.C.; and Eric C. Taubenheim, Susquehanna Private Equity Investments, NY.
GridPoint is working with several utilities including Duke Energy and Xcel Energy, which has selected the GridPoint Platform for its $100 million SmartGridCity initiative in Boulder, Colorado.
The platform applies information technology to the electric grid to provide utilities with an intelligent network of distributed energy resources that controls load, stores energy and produces power.
It offers utilities a single interface, located in a utility’s control room, for managing a variety of distributed energy assets including plug-in electric vehicles, solar panels, wind turbines, advanced storage technologies and household devices such as thermostats, electric water heaters, pool pumps, and so on.
Tags: Advanced Software Systems Inc., Carnton Capital Associates, Charlotte, Cogentrix Energy, Craton Equity Partners, CTO, D.C.; and Eric C. Taubenheim, D.C.; Jeffrey Berman, Duke Energy, Duke Energy; Joseph M. Perta, Energy, financing, Goldman Sachs; Stephen Lehner Morgan Stanley; David W. Mohler, Greenhouse Schools project, GridPoint, Inc., IT, J. Roderick Heller, Jr., Kirkland & Ellis, Larry M. Kellerman, London; Robert Mancini, Los Angeles; Jacob Worenklein, NC; Tom Soto, New Enterprise Associates, New York, NY., NY; George P. Stamas, partner, Perella Weingberg Partners, Robeco, Satterlee Stephens Burke & Burke, smart grid software, Sterling, Susquehanna Private Equity Investments, US Power Generating Company, VA; Paul J. Powers, Washington
Posted in Energy, IT, Money, Potomac, Virginia | No Comments »
Monday, January 10th, 2011
 CHARLOTTE & RALEIGH, NC – Duke Energy says it will buy Progress Energy in a stock deal worth about $26 billion, resulting in a combined utility with 7.1 million customers, largest in the United States.
The merged firms will operate under the Duke name, headquartered in Charlotte while keeping “substantial operations” in Raleigh.
Bill Johnson, CEO of Progress Energy will take the helm as CEO of the merged companies. Duke CEO Jim Rogers will chair the merged firms.
Johnson called the combination of the two utilities “A perfect fit.”
While the merger may result in some job losses, according to reports, it could also result in lower utility rates.
The merger gives the combined utility increased financial clout.
The combined company will have:
• Approximately $65 billion in enterprise value and $37 billion in market capitalization
• The country’s largest regulated customer base, providing service to approximately 7.1 million electric customers in six regulated service territories North Carolina, South Carolina, Florida,Indiana, Kentucky and Ohio
• Approximately 57 gigawatts of domestic generating capacity from a diversified mix of coal, nuclear, natural gas, oil and renewable resources
• The largest regulated nuclear fleet in the country.
“This combination of two outstanding companies is a natural fit,” said Johnson, chairman, president and chief executive officer of Progress Energy. “It makes clear strategic sense and creates exceptional value for our shareholders. Together, we can leverage our best practices to achieve even higher levels of safety, operational excellence and customer satisfaction, and save money for customers by combining our fuel purchasing power and the dispatch of our generating plants.”
Tags: Bill Johnson, Duke Energy, Jim Rogers, Mergers and acquisitions, Progress Energy
Posted in Acquisitions, Carolinas, Energy, Florida, Kentucky, North Carolina, Other SE, South Carolina | No Comments »
Friday, June 25th, 2010
CHARLOTTE, NC -Private equity firm Alinda Capital Partners is buying 50 percent of DukeNet Communications for $137 million, creating a joint venture intended to grow the company. Duke Energy retains ownership of the other half of DukeNet.
Duke Energy (NYSE:DUK) founded DukeNet, which operates a fiber optic network of more than 5,300 miles in four states, in 1994. It provides bandwidth transport and data center connectivity among other services.
Current DukeNet President, Brad Davis, retains that position.
The deal is expected to close in the third quarter.
Tags: Acquisitions, Alinda Capital Partners, Duke Energy, DukeNet, fiber optic networks
Posted in Acquisitions, Carolinas, Internet/New Media, IT, North Carolina, Other SE, South Carolina, Tennessee | No Comments »
Friday, May 14th, 2010
CHARLOTTE, NC – Duke Energy (NYSE:DUK) has finalized an agreement with the Department of Energy for $204 million in stimulus funds to support smart grid projects in the company’s five-state service territory.
The DOE funds will support two projects: $200 million — the maximum allowed per project under the DOE Smart Grid Investment Grant Program — will assist in modernizing Duke Energy’s power distribution system; $4 million will support the installation of digital equipment on the transmission system in the Carolinas.
Duke Energy expects to save or create approximately 1,000 jobs as it modernizes its grid system in Ohio, Indiana, Kentucky and the Carolinas.
It plans to spend $1 billion over the next five years to deploy smart grid technology in its service territory. Deployment includes digital and automated technology such as smart meters, distribution automation equipment, and communications infrastructure.
Duke’s smartgrid site has more information on the projects.
Tags: Duke Energy, Energy, Kentucky, NC, SC, smartgrid, stimulus funds
Posted in Carolinas, Energy, Government/Defense, Kentucky, Money, North Carolina, Other SE, South Carolina | No Comments »
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