Iberdrola

Iberdrola is a global utility company focused on the production, distribution, and retail of electricity and gas. It generates power from nuclear, hydro, and other sources, with a substantial share from renewables, and is a major owner of wind energy. The company operates electricity networks and distribution assets across multiple countries and serves customers in a broad geographic footprint, including Spain, the United Kingdom, Brazil, and the United States, with activity in nearly 40 countries. Iberdrola emphasizes the energy transition through a sustainable business model built on renewable energy, smart grids, large-scale energy storage, and digital transformation to offer advanced products and services.

Ignacio Estella

Senior Vice President, Corporate Development of Avangrid

Past deals in Utilities

Nido

Seed Round in 2025
Heating & cooling accounts for nearly half of all energy consumption and 40% of energy-related carbon dioxide emissions. In the EU 65M+ boilers are over their useful life and 95% of them use fossil fuels and these need urgent change. At Nido, we are streamlining heat pump installation in the residential sector, enabling users to transition to clean heating & cooling faster with affordable pricing. We also support installers get the best out of their time by removing time consuming tasks and allowing them to focus on their preferred task - home installations!

Electricity North West

Acquisition in 2024
Electricity North West Limited is an electricity distribution company based in Warrington, England, serving homes and businesses in the North West region. Established in 1989, it manages a vast network that includes approximately 13,000 kilometers of overhead lines and 44,000 kilometers of underground cables, delivering electricity to 2.4 million premises and 5 million customers. The company is responsible for operating, maintaining, and upgrading this infrastructure to ensure a reliable electricity supply for both residential and commercial sectors.

Avangrid Renewables

Private Equity Round in 2024
Iberdrola Renewables, LLC is at the forefront of transforming the way the U.S. produces and uses energy. Strongly positioned to develop, build, and operate the clean energy infrastructure of the future, Iberdrola Renewables, LLC is already generating power from more than 40 renewable energy projects for its utility-scale customers in the United States and leading America’s transition to a renewable energy future. Iberdrola Renewables, LLC is deeply rooted in the United States, the world’s largest energy market and a country with incredible renewable resource potential. As of December 2010, we directly employ more than 850 people in the U.S., and our operations have created thousands of jobs in industries and communities across the country. Iberdrola Renewables, LLC is the second-largest wind operator in the U.S. and also operates more than 621 MW of gas-fired generation and more than 129 BCF of owned and contracted U.S. natural gas storage. Thus, it is one of the few companies capable of providing structured energy solutions that allowing large industrial and commercial customers to manage risks and uncertainty in the natural gas and power industries.

Voltbras

Series A in 2023
Voltbras specializes in software management solutions for electric vehicle charging stations. The company has developed a comprehensive platform that facilitates the real-time monitoring and control of the electro-post network. Its toolkit enables operators to oversee the status of charging stations, including their availability—whether in use, free, offline, or undergoing maintenance. Additionally, the platform provides notifications for any failures or significant events, allowing for efficient management of the charging infrastructure. By providing these services, Voltbras supports the growing demand for reliable electric vehicle charging solutions.

Voltbras

Seed Round in 2022
Voltbras specializes in software management solutions for electric vehicle charging stations. The company has developed a comprehensive platform that facilitates the real-time monitoring and control of the electro-post network. Its toolkit enables operators to oversee the status of charging stations, including their availability—whether in use, free, offline, or undergoing maintenance. Additionally, the platform provides notifications for any failures or significant events, allowing for efficient management of the charging infrastructure. By providing these services, Voltbras supports the growing demand for reliable electric vehicle charging solutions.

Aalto Power

Acquisition in 2020
Founded in 2006, Aalto Power is a French company specializing in the development, investment, construction, and operation of onshore wind farms. It generates clean energy through its wind power generation platform.

Innowatts

Series B in 2019
Founded in 2013, Innowatts specializes in data analytics for the energy sector. Its eUtility™ platform leverages machine learning and meter-level data to help energy retailers and utilities worldwide manage grids, enhance profitability, improve customer relationships, and promote sustainability.

Ilumexico

Series A in 2017
Ilumexico is a B-Corporation focused on promoting community development in Mexico's most marginalized regions through solar energy solutions. The enterprise aims to enhance rural electrification by providing access to clean energy, utilizing microfinance schemes and offering long-term service and training for the use and maintenance of solar technologies. Their product offerings include solar water pumps, refrigerators, street lighting, solar fences, and grid-connected systems. Ilumexico believes that energy access serves as a foundation for broader development and runs programs and workshops on topics such as community organization, gender equity, and financial inclusion to empower these communities.

Innowatts

Series A in 2017
Founded in 2013, Innowatts specializes in data analytics for the energy sector. Its eUtility™ platform leverages machine learning and meter-level data to help energy retailers and utilities worldwide manage grids, enhance profitability, improve customer relationships, and promote sustainability.

Stem

Series C in 2015
Founded in 2009, Stem provides energy storage solutions and software for businesses to manage energy costs effectively. It offers Athena, a proprietary software using big data and machine learning to optimize energy usage. Stem also deploys distributed batteries in commercial buildings and sells its solutions to various industries.

UIL Holdings

Acquisition in 2015
UIL Holdings Corporation, headquartered in New Haven, Connecticut, operates in the regulated utility sector, serving approximately 700,000 electric and natural gas customers across 67 communities in Connecticut and western Massachusetts. Founded in 1899, UIL Holdings is a subsidiary of Avangrid, Inc. The company encompasses several utilities, including The United Illuminating Company, which provides electricity transmission and delivery in Connecticut's Greater New Haven and Bridgeport areas, and natural gas distribution companies such as The Southern Connecticut Gas Company, Connecticut Natural Gas Corporation, and Berkshire Gas Company. With total assets exceeding $5 billion, UIL Holdings employs over 1,850 individuals in the New England region, contributing to the reliability and efficiency of energy delivery in its service areas.

Stem

Series B in 2013
Founded in 2009, Stem provides energy storage solutions and software for businesses to manage energy costs effectively. It offers Athena, a proprietary software using big data and machine learning to optimize energy usage. Stem also deploys distributed batteries in commercial buildings and sells its solutions to various industries.
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