Red Herring 100 winners and finalists from North America, Europe and Asia of the last three years were eligible for this award. The Red Herring editorial team used a very competitive process to whittle down this pool of 1800 eligible promising companies to the 100 winners of this first-time award. Evaluations were made on both quantitative and qualitative criteria such as financial performance, innovation, management, global strategy, and ecosystem integration.
We are pleased to be named among this innovative group of global companies delivering value in many sectors, said Peter L. Corsell, President and CEO of GridPoint. This is an exciting time in the energy industry, where GridPoint is working to transform the electric grid into more intelligent and efficient delivery network.
GridPoints innovative smart grid platform applies information technology to the electric grid to provide utilities with an intelligent network of distributed resources (e.g., advanced load control devices, batteries, solar systems) that reside at the home or business. Additionally, the platforms modular, scaleable and upgradeable architecture enables utilities to integrate new clean energy technologies (e.g., plug-in hybrid electric vehicles and fuel cells).
During peak demand periods, the platform enables utilities to efficiently balance supply and demand by discharging stored energy or reducing loads with minimal impact on customers (i.e., controlling temperature versus shutting down air conditioners). The intelligent network serves as a virtual peaking power plant, enabling utilities to avoid the regulatory, environmental and time-to-build hurdles associated with building traditional power plants while fueling the mass adoption of renewable energy, reducing carbon emissions and conserving fuel, capital and land resources.
GridPoint has received recent recognition including being selected as a World Economic Forum Technology Pioneer 2008. The company was also named overall winner by AlwaysOn GoingGreen 100 Top Private Companies for 2007 and winner of the 2007 North American Frost & Sullivan Award for Green Excellence in recognition of its success in pioneering a way to harness load management and distributed generation to achieve environmental sustainability.