ENGIE New Ventures (ENV), the corporate venture fund of ENGIE, and Clean Energy Ventures (CEV), a VC firm investing in early-stage climate tech, announce a strategic investment in ndustrial, a provider of software and services that optimize industrial facilities to drive a sustained competitive advantage. ENV and CEV co-led the $6 million Series A; Orion Energy Systems and Lineage Logistics participated in the round.
Based in North Carolina, ndustrial offers an analytics platform and energy management solution for industrial sites. By tracking energy consumption at a process level and energy supply costs, ndustrial provides customers with detailed production-normalized energy intensity analytics.
ndustrial delivers a holistic approach to energy management and a sophisticated approach to demand flexibility for customers such as Lineage Logistics, the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider. By connecting with legacy cold storage systems, ndustrial can shift client loads, avoiding peak electricity pricing, without compromising the integrity of perishable products.
In the United States, “load shifting can drive significant value, by avoiding high energy pricing during peak times. In the cold storage industry, the size of the energy bill is typically second only to labor costs, so the opportunities are massive”, said Vincent PICHON and Sheeraz HAJI, respectively Investment Director and Senior Advisor at ENGIE New Ventures.
For ENGIE, the investment is a major step to better serve industrial, power-greedy clients, in the cold storage, food and beverage, and other industries. “ndustrial’s holistic approach to energy management will help ENGIE complete its panel of offering in terms of energy efficiency, as part of low-carbon solutions to commercial and industrial clients”, underlined Johann BOUKHORS, Managing Director of ENGIE New Ventures.
“The industrial space is the last frontier of digitalization. ndustrial is proud to partner with ENGIE to accelerate its efforts to bring tailored solutions to industrials clients willing to boost their competitiveness while reducing their climate footprint”, explained Jason MASSEY, CEO of ndustrial.
“ndustrial’s technology can keep gigatons of carbon out of the atmosphere through greater efficiencies in the industrial sector. Coupled with the benefit of cost savings, companies now have a clear path to harnessing sustainable production,” said Daniel GOLDMAN, Co-founder & Managing Director, Clean Energy Ventures. “ndustrial’s deep technology stack and even deeper understanding of the nuances of industrial systems make them a compelling player in this market. ndustrial gives the future of artificial intelligence and machine learning true business context and intent.”
Sign up for the ENGIE Innovation Newsletter