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  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 151.68 152.50 152.00 0.00 06:15:05

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

29/07/2021 6:51am

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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

July 29, 2021 01:43 ET (05:43 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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