Bridge Energy Group has received a multimillion-dollar investment to support the company’s IT products for the utility industry.
The company said it received between $10 million and $15 million in new financing from Updata Partners, a technology growth equity firm with offices in New Jersey and Virginia.
Bridge’s technology is focused on IT for utility and energy companies that are expected to invest a significant amount of resources implementing smart grid technology programs in the coming years.
GTM Research predicts that utilities in the U.S. will collectively spend an estimated $8.25 billion on the transformation to a smart grid by 2015, Bridge said.
For the past two years, Bridge Energy Group has made the Inc. 5000 list of the fastest growing companies in America.
