NEW YORK, Dec. 20, 2023 (GLOBE NEWSWIRE) -- GridMarket, an industry leading digital platform for clean, distributed energy projects, is excited to announce a significant milestone in its journey – a strategic shift to focus primarily on commercial and industrial portfolios, following a year of record success that reflects the company's evolution, growth, and commitment to the needs of the market.
Since incorporation, GridMarket has operated with a core driving mission - using innovative data analytics, a unique platform-centric approach, and niche energy expertise to lead the global clean energy transition. GridMarket already has a strong presence in the commercial sector and legacy industry leading projects currently operational in national and international markets.
This year brought exponential growth in contracted commercial and industrial portfolio projects. GridMarket has adopted and refined its “land and expand” strategy - in which we launch a partnership with a large portfolio customer to identify an initial site or group of sites to prove the viability and scalability of onsite microgrids and renewables, then rapidly expand that work across the portfolio, replicating successful strategies and applying customizations as necessary for different facilities or markets.
In 2023, GridMarket saw 278% revenue growth from contracted initial projects incorporating technologies including solar pv, battery storage, electric vehicle chargers, microgrid controls, efficiency measures, and more across major Fortune 500 and 2000 portfolios. Projects were comprised of PPA’s and capital purchases with investments ranging from $500,000 to $8 million - averaging roughly $3 million dollars per project - driving tremendous economic and environmental benefits for customers. Core customer industries included global auto manufacturing, logistics and transportation, cold storage, retail, and more. These initial projects represent the first phase of aggressive portfolio-wide expansions with committed partners with hundreds of national and international properties. Future growth in 2024 and beyond includes planned expansion across these existing portfolios and a substantial new pipeline of similar projects and partners with scalable, replicable opportunities. Contracting times accelerated substantially in 2023 along with streamlined financial and development milestone achievements for GridMarket projects.
"We're setting the stage for a new era of success,” said Nick Davis, GridMarket CEO. “Our commitment to providing our customers with the best available energy opportunities at their properties remains unwavering, and prioritizing commercial portfolios with replicable opportunities is a natural strategic move solidifying our continued leadership in the marketplace and responsiveness to a dynamic industry. An updated business model, a focus on helping our partners meet project milestones on schedule, and identifying replicable strategies have all brought us to where we are today."
Building on these established strengths, GridMarket is refining its focus to capture new opportunities and reach a broader audience within the commercial and industrial sectors. The company will leverage its expertise, AI-driven analytics tools, existing proofs of concept, and global marketplace of partners to scale its commercial business.
"We are seeing substantial growth and interest from both new and existing customers,” Davis continued. “Part of our unique value comes from creating long-term, scalable solutions. Customers leverage our platform to make energy decisions and deploy distributed energy solutions across their complete portfolios of hundreds of sites in diverse geographies with a mix of technologies. We create the proof of concept for a single site or initial group of sites, and then replicate that success across the entire portfolio. Repeat customers and expanded partnerships tell our story, and we are thrilled to produce significant economic and environmental value for our partners.”
GridMarket will continue offering digital tools and advisory solutions to support government and utility energy transformations. Additionally, the company will continue investing in research and development for its AI technology, providing faster, more accurate feasibility assessments and project recommendations. An updated subscription model offers vendors access to millions of prequalified projects, digital prospecting tools, and analytical support. Prioritizing technology will continue to de-risk clean energy investment for commercial customers and accelerate other aspects of the business.
"This strategic shift is a testament to our commitment to staying ahead of the curve and providing exceptional value to our customers,” said Peter Schneider, Director of Business Development and Project Management at GridMarket. “We are excited about the opportunities that lie ahead as we continue leveraging data and analytics to bring impactful, high performing solutions to our energy consumers at their first site or their 100th site.”
GridMarket has also integrated offerings focused on offsite solutions like VPPAs, sleeved PPAs, RECs, and supply chain collaboration in response to customer requests for holistic Scope 1, Scope 2, and Scope 3 carbon emissions reduction solutions, and GridMarket continues to partner with leading vendors to respond to growing customer demand.
To learn more, please visit www.gridmarket.com
Press Contact
Jillian Caramanna-Seymour
GridMarket, LLC
jillian.caramanna@gridmarket.com
