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AES to Merge Simple Energy into Cloud-Based Energy Experience Solutions Specialsit Uplight
Thursday 18 July 2019

18 July 2019 - US-based electrical power generator and distributor The AES Corp. (NYSE: AES) is merging Simple Energy with Tendril to form Uplight, a new company that offers a suite of customer-facing solutions for electric and gas utilities, the company said.
Building on AES' 2018 investment in Simple Energy, the company made a USD 53m strategic investment in Uplight as part of the merger.
AES will serve as an investor and innovation partner, bringing a deep understanding of the electricity sector, including renewables and energy storage, and a commitment to accelerating transformation together with our customers.
Uplight combines Tendril's expertise in behavioural energy efficiency and demand side management programs with Simple Energy's experience in consumer engagement marketplaces to create a comprehensive digital ecosystem designed specifically for utilities.
With demand side management leadership, superior analytics and advanced personalisation, Uplight provides an end-to-end energy action system that transcends utility silos and leverages energy interactions across every channel, programme and solution.
This approach enables utilities to provide unique customer experiences, improve satisfaction, increase revenue, reduce the cost to serve, and accomplish their carbon reduction goals.
AES' involvement builds on collaborations that drive value for Uplight, AES, and their customers.
As part of AES' digital transformation, Indianapolis Power and Light and Dayton Power and Light have seen the proven power of the Uplight platform through the implementation of its consumer engagement marketplaces in support of energy efficiency and demand response programs.
AES and Uplight are now working together on community solar, e-mobility and advanced C and I offerings, with plans for future deployment of the Uplight platform in Latin America.
AES joins Tendril investor, Rubicon Technology Partners, who will own the majority stake in Uplight. AES' investment in Uplight delivers on its strategy to develop new business models that accelerate green growth, while providing significant value to existing AES businesses and markets.
AES' total stake in Uplight, which includes the USD 53m of new equity investment and the contribution of its existing ownership interest in Simple Energy, was valued at USD 114m in the transaction.
The AES Corp. is a global power company. It provides energy to 14 countries through a portfolio of distribution businesses as well as thermal and renewable generation facilities.
Rubicon Technology Partners invests in enterprise software companies with proven products and talented management teams to help grow and scale their businesses.
Rubicon enables companies to adapt to the changing requirements of their businesses as they grow and scale using a proven set of proprietary processes, best practices and a portfolio-wide engagement model called RTP Change Management.
With offices in Palo Alto, CA and Stamford, CT, Rubicon has over USD 850m in cumulative capital commitments.
Born from the merger of Tendril and Simple Energy, and the acquisitions of FirstFuel, EEme and EnergySavvy, Uplight is a provider of end-to-end customer-centric technology solutions dedicated solely to serving the energy ecosystem.
Uplight provides software and services to more than 75 of the world's largest electric and gas utilities, with the mission of motivating and enabling energy users and providers to accelerate the clean energy ecosystem.
Details
Date Published: 18/07/2019
Target: Simple Energy with Tendril
Country: USA
Deal Size: 114m (USD)
Sector: Utilities
Type: JV
Status: Agreed
Vendor:
Buyer: The AES Corp
Comment:
Deal creates Uplight

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