SCHNEIDER ELECTRIC S

SU
Real-time Quote. Real-time  - 09/24 11:35:55 am
149.86EUR -1.41%

Rubicon Technology Sells Majority Stake in Uplight to Schneider Electric-Led Consortium

07/29/2021 | 01:44am

By Fabiana Negrin Ochoa

Rubicon Technology Partners has completed the sale of its majority stake in Uplight, in a deal valuing the clean-energy software provider at $1.5 billion.

The shares were sold to a consortium of investors co-led by Schneider Electric SE and AES Corp., and a group led by Huck Capital, Rubicon Technology said late Wednesday.

The U.S. private-equity firm will continue to be a minority investor in Uplight, which provides software products aimed at helping utilities build clean-energy ecosystems by reducing baseload energy use, lowering customers' bills and advising on electric vehicle adoption, among other things.

Goldman Sachs & Co. advised Uplight on the deal.

Colorado-based Uplight was formed in 2019 via the merger of Tendril and Simple Energy.

The global market for sustainable energy tech and products could be worth more than $900 billion, Rubicon said, citing estimates from Nomura Greentech Capital.

Write to Fabiana Negrin Ochoa at fabiana.negrinochoa@wsj.com

(END) Dow Jones Newswires

07-29-21 0143ET

Copier lien
All news about SCHNEIDER ELECTRIC SE
3d ago
3d ago
3d ago
4d ago
4d ago