The owners of energy software solutions provider Uplight have launched a sale process for the business, a source familiar told Infralogic.

Evercore began marketing the opportunity last week off revenues over USD 100m, the source said.

The Boulder, Colorado-based software business creates, manages, and monetizes energy capacity by connecting distributed assets such as smart thermostats, solar, electric vehicles, and water heaters to create virtual power plants and manage distributed energy systems.

“There’s a large addressable market for the company and opportunity for it to accelerate growth right now,” the source said. “Investors with long-term perspectives will be in a strong position to invest the necessary capital and drive growth.”

Ramping up capabilities

Founded in 2019 through the merger of AES-backed Simple Energy and Rubicon Technology Partners’ home energy management solutions company Tendril, Uplight has received various capital infusions and grown inorganically in recent years.

AES contributed its ownership interest in Simple Energy and USD 53m of cash in exchange for an ownership interest in the merged company, it said at the time, adding that the transaction resulted in a gain on sale of USD 14m and a total investment in Uplight of USD 99m.

In 2021, an investor group led by Schneider Electric and private equity funds Huck Capital, Coatue and Inclusive Capital Partners Spring Fund II paid USD 450m for an approximately 30% stake in the business, placing the enterprise value at USD 1.5bn, according to Dealogic data.

Newswire reports from late 2023 stated that Inclusive Capital Partners was shutting down its operations.

As part of the 2021 capital injection, AES contributed USD 37m to Uplight, although its ownership interest decreased from 32.3% to 30.6%, the company highlighted in its 3Q21 financial report.

The energy solutions company has made a series of acquisitions over the years, including the August 2019 acquisition of Canadian software company Ecotagious Inc., the October 2021 acquisition of Agentis Inc., and the May 2024 acquisition of AutoGrid Systems Inc. from Schneider Electric.

In April 2024, Apollo provided a USD 10m five-year corporate loan to Uplight, according to Dealogic data.

AES, Coatue, Huck Capital, Schneider Electric and Uplight did not respond to requests for comment.