AES Announces Merger Of Simple Energy With Tendril To Form Uplight - Quick Facts

(RTTNews) - Power company AES Corp. (AES) on Monday announced the merger of Simple Energy with Tendril to form Uplight, a new company that offers solutions for electric and gas utilities.

AES, which invested in Simple Energy in 2018, said it has made a $53 million strategic investment in Uplight as part of the merger.

AES noted that Uplight will combine Tendril's expertise in behavioral energy efficiency and demand side management programs with Simple Energy's experience in consumer engagement marketplaces to create a digital ecosystem designed specifically for utilities.

AES joins Tendril investor, Rubicon Technology Partners or RTP, who will own the majority stake in Uplight.

AES noted that its investment in Uplight delivers on its strategy to develop new business models that accelerate green growth, while providing significant value to its existing businesses and markets.

AES' total stake in Uplight was valued at $114 million in the transaction. This includes the new equity investment of $53 million and the contribution of AES' existing ownership interest in Simple Energy.

"Uplight enables utilities to better engage their customers toward the efficient use of energy. Together with Uplight, we are dedicated to applying leading energy technologies that give our customers a competitive edge," said Andrés Gluski, President and CEO of AES.

Uplight provides software and services to 74 utility companies in the U.S., including Indianapolis Power & Light or IPL, and Dayton Power & Light or DP&L.