Smart-grid player Trilliant scores $40 million in financing

TRILLIANT'S TECHNOLOGY USED IN HOME ELECTRICITY METERS
By Matt Nauman Mercury News
Article Launched: 08/19/2008 09:20:22 PM PDT


Trilliant, the Redwood City company that adds intelligence and communication capability to utility networks, will announce today that it has raised $40 million in new funding from two venture capital funds.

The total amount, from MissionPoint Capital Partners of Norwalk, Conn., and Zouk Ventures of London, confirms the quickening pace toward a smarter electrical grid, a trend fueled by growing energy-efficiency demands, regulation and innovative technology.

"The grid needs a really healthy nervous system," said Bill Vogel, Trilliant's chief executive.

Trilliant, founded in 1985, has worked with more than 100 utilities globally, most notably Hydro One in Ontario, Canada. The company's technology is found in 250,000 meters today, a number that's growing at 50,000 a month, Vogel said. He added that Trilliant's revenues are on target to double from about $50 million in 2007 to more than $100 million this year.

Vogel said the company will use the new investment to expand internationally, add to its executive ranks, increase its marketing efforts in North America and to scale up production.

The funding news follows similar announcements in recent months from Trilliant's rivals, including BPL Global, Ambient, GridPoint and SmartSynch. EMeter of San Mateo raised $12.5 million in April. Silver Spring Networks of Redwood City raised $17.4 million that same month.

Smart grid systems are designed to give customers greater knowledge
of their energy use, and allow them to conserve during periods of peak demand. The systems also give utilities a better sense of power usage and help them prepare for anticipated power sources, including rooftop solar systems and electric and plug-in hybrid cars. But critics worry that improved grid systems will cost too much money and not be as effective as promised.

Pacific Gas & Electric has said it will spend at least $1.7 billion to install nearly 10 million smart electric and gas meters in central and Northern California.

Trilliant has not worked with PG&E.