The AES Corp. announced the merger of Simple Energy with Tendril to form Uplight, a new company that offers a suite of customer-facing solutions for electric and gas utilities.
Building on AES’ 2018 investment in Simple Energy, the company made a $53 million strategic investment in Uplight as part of the merger.
AES will serve as an investor and partner, bringing understanding of the electricity sector, including renewables and energy storage, and a commitment to accelerating transformation together with our customers.
According to AES, Uplight combines Tendril’s expertise in behavioral 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.
AES’ involvement builds on collaborations that drive value for Uplight, AES, and their customers. As part of AES’ digital transformation, Indianapolis Power & Light (IPL) and Dayton Power & Light (DP&L) have used 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&I offerings, with plans for future deployment of the Uplight platform in Latin America.
The investment builds on AES’ prior investment in Simple Energy that used the Company’s strategic insights and platforms to springboard into the rapidly-growing digital energy business category. AES joins Tendril investor, Rubicon Technology Partners (RTP), 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 $53 million of new equity investment and the contribution of its existing ownership interest in Simple Energy, was valued at $114 million in the transaction.