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A column chart that shows annual M&A deals involving virtual power plant companies from 2017 to 2025 in the U.S., Canada, and Europe. Deals ranged from 3 in 2018 and 2020 to a peak of 15 in 2021 and 2024. Activity declined to 4 deals in early 2025.

M&A deals involving virtual power plant companies

EnergyHub, which provides grid management software to electric utilities, acquired EV charging software developer Bridge to Renewables in August, the companies tell Axios Pro.

Why it matters: The investment chill in climate tech has revealed which startups can stand on their own and which are mere product features.

How it works: EnergyHub runs what are known as virtual power plants: networks of grid-connected thermostats, home batteries, EVs and chargers, and other devices that a utility can control to ease demand or add supply to the grid.

Driving the news: The Brooklyn-based company on Aug. 15 acquired Bridge to Renewables, which developed software to allow drivers to adjust when their EVs recharge and enable automakers to claim credits from low-carbon fuel programs.

Between the lines: The companies declined to disclose the terms of the all-cash deal.

Bridge to Renewables in 2021 raised a $45 million Series A from investors including BP Ventures, Innovatus Capital Partners, and Caisse de dépôt et placement du Québec, a Canadian asset manager. It closed an undisclosed round last year, a spokesperson tells Axios.

Context: BP Ventures has been shedding its holdings to rehabilitate returns and realign with its corporate parent.

Yes, but: "The acquisition was not motivated by BTR's financials," Bridge to Renewables CEO Jack Barrow tells Axios. "We looked at this and felt it made more sense to be part of a larger platform."

State of play: Virtual power plant providers and EV charging tech developers saw steady consolidation over the past four years, though the pace this year has slowed.

While VPPs enable utilities to cheaply and quickly add capacity to their grids, they've faced regulatory hurdles and tepid consumer enthusiasm.

"Working with utilities, you have this very slow curve of adoption," EnergyHub president Seth Frader-Thompson says.

The company, a subsidiary of Alarm.com, acquired Finnish grid software developer Kapacity.io last year and Vermont startup Packetized Energy in 2022.

👀 What we're watching: Uplight, a VPP provider, was reportedly looking for a buyer this summer. British firm Octopus Energy, meanwhile, is planning to spin out its VPP arm, Kraken.

Exclusive: EnergyHub acquires EV charging software developer

Bridge to Renewables developed software to manage EV charging.

EnergyHub, which provides grid management software to electric utilities, acquired EV charging software developer Bridge to Renewables in August, the companies tell Axios Pro.Why it matters: The investment chill in climate tech has revealed which startups can stand on their own and which are mere product features.

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Exclusive: EnergyHub acquires EV charging software developer

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