Tendril update: The 'new race' is on and the industry's top-tier utilities are the prize
By Liz Enbysk
SGN Managing Editor
Back in August we told you why Tendril may (finally) be poised for growth and could emerge as a leader in the all-important next phase of home energy management. Recent developments suggest leading is exactly what the Boulder, Colorado company intends to do.
The Denver Post labels the company's latest moves a "restructuring to achieve profitability."And in a post on the company's blog late last week, Tendril CEO Adrian Tuck made several announcements, among them:
Â· It has an infusion of growth capital from deep-pocket investors
Â· 2013 will be its first profitable year
Â· It has secured major deals, such as its $50 million, million-home engagement with Duke Energy
But equally interesting is that the company - which has been around since 2004 - says it has comes to learn that many utilities simply don't have the economic path to justify an investment in consumer energy engagement right now. And that lesson has altered Tendril's path. Here's how Tuck explained it:
"Our aim is to be the company that executes best with a handful of top-tier customers and not one of the companies faced with supporting perpetual pilots with dozens of utilities totaling less than 1 million homes. This is the new raceâ€"to win the meaningful deals with the most innovative and progressive utilities who are ready to go to scale. I believe that we are winning today with the industry’s leaders and innovators, and we’ll be well positioned to capture major market share when the rest of the industry is ready."