Griddy secures funding, partnership with EDF Trading: 3 ways this shapes our future
At Griddy, our vision is to act as a positive agent of change in the retail electricity world. Around here, we also like the term revolutionist, because the definition according to vocabulary.com is "someone who wants to change the world – not just sitting around and talking about it, but actually doing something to bring about change."
Standing in stark contrast to the rest of the retail electricity providers, our whole business has been built to create value for consumers in as many different ways as we possibly can. Rather than spend our time thinking creatively about how to extract more money from our customers, as every other REP does, we only take a flat $9.99 per month so that we can spend our time thinking creatively about how we can create more savings and value for our members.
Our Griddy movement is growing fast and gaining momentum, and today we're excited to share how we're taking a big step toward further realizing that vision with an investment by one of the largest generators of electricity in the world, EDF Trading. We're thrilled to announce this partnership with EDF because, like us, they believe that the future of electricity will be very different than where it is today.
"We have an amazing opportunity to shape the electricity industry for years to come, and this partnership gives us the financial stability to turn that opportunity into reality."
Broadly speaking, this funding will allow us to expand the reach of, and access to, Griddy well beyond where it sits today. Our ability to invest in Griddy's growth and innovation is stronger now than it has ever been. In the spirit of transparency which is paramount here at Griddy, I'd like to share my perspective on how this partnership supports our mission and shapes our future.
1) Validation that Griddy's Mission Can Be the Future of Electricity
Internally, we have always believed in the righteousness of our cause and the strength of our value proposition. Over time, we've received plenty of interest in who we are and what we do – using technology and an innovative business model to disrupt one of the largest industries in the world will win you a lot of praise (and earn you the jealous anger of industry executives hoping you fail)!
This investment by one of the largest electricity generators in the world provides us with validation of our mission of focusing on delivering value to consumers. We're excited that our vision for the future of retail electricity – where consumers' data is provided freely and actively used to manage both the consumption and cost of electricity; where the successful REPs are the ones who focus on how to constantly innovate and deliver value to their customers rather than focusing on how to extract more margin from them; where consumers trust and love their electricity provider – is shared by one of the largest electricity companies in the world.
In addition, we hope this partnership will allow our current (and future!) members to feel confident that Griddy will be here for the very long haul. We have an amazing opportunity to shape the electricity industry for years to come, and this partnership gives us the financial stability to turn that opportunity into reality.
2) Building Something That's Never Been Built Before
If you've followed Griddy for a while, you know that we've been at the forefront of innovation for many years. We were the first REP to offer wholesale electricity without markups, the first REP to develop an app to show real-time usage and pricing, the first REP to offer up a "guest" experience where we show consumers what it would be like to become a member, and the first REP to provide tools for smart home device automation. As we move forward with this new partnership, we'll be significantly ramping up our team of engineers and developers so we can continue to lead the charge in creating innovative and value-added features which will save our members more and more every year.
3) Increasing Access to Griddy
We hear it every day. Disappointment in the voice of a consumer who wants access to Griddy, but can't get it because Griddy doesn't serve their area...yet. We've been purposefully careful with our plans to expand, waiting until our organization was ready to handle the complexity of market expansion. This deal marks a point of transition for our company, and we're ready to dive head first into building out our platform across the US.
As we continue to look forward and beyond, our partnership with EDF allows us to immediately gain the expertise of a global electricity company who understands both the intricacies and subtleties of the various electricity markets across the world. We're excited to be able to leverage that expertise in order to move quickly to broaden the access to Griddy to millions of homes in the US and across the world who are ready to jump into the future of electricity.
The Griddy Revolution is Just Getting Started
If we were running a marathon, this investment in our growth would be the first-mile marker. Sure, we've begun to hit our stride, but our race is really just getting started. While it's still early, we're excited that our movement is gaining momentum and that more and more Griddy revolutionists (i.e. our members!) are standing with us in the battle against the dirty tricks of the old-world REP industry. I want to extend my heartfelt thanks to all of our Griddy members for joining us in the fight. We appreciate you and we want you to know that we're working hard every day to innovate and continue to give you more and more value.