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Peter L. Corsell

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Peter L. Corsell
Corsell at the Bloomberg New Energy Finance Summit
Born (1977-12-05) December 5, 1977 (age 47)
Brooklyn, New York
EducationGeorgetown University
Occupation(s)Partner at I Squared Capital
Founder of GridPoint

Peter L. Corsell (born December 5, 1977) is an American technology entrepreneur, leader, and investor. A repeat entrepreneur in the sustainable energy industry, Corsell founded GridPoint in 2003, and Twenty First Century Utilities in 2015.[1]

Early life and education

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Corsell was born in Brooklyn and raised in Manhattan.[2] Corsell attended the Edmund A. Walsh School of Foreign Service at Georgetown University where he earned a BSFS degree in 2000.[3][4]

In 1999, Corsell was recruited by the Central Intelligence Agency, where he worked as an intelligence officer in the Cuba branch.[3][5] From early 2001 to late 2002, Corsell worked for the U.S. Department of State in Cuba,[4][6] where he served as Special Assistant to Ambassador Vicki J. Huddleston, the Principal Officer of the United States Interests Section in Havana.[7]

Career

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GridPoint

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At age 25, Corsell founded GridPoint, a clean technology company, to develop energy management, energy storage, and renewable energy technologies.[3][4][8][9][10] GridPoint was initially focused on R&D, developing a valuable portfolio of foundational intellectual property in the energy management, energy storage and electric vehicle charging segments.[11][12]

During the company's first decade, GridPoint worked with electric utility companies to develop a smart grid technology platform to integrate distributed "behind-the-meter" load measurement and control devices, battery storage technologies, and renewable energy sources into the electric grid via an intelligent communications network.[13][14]

During the last decade, GridPoint focused primarily on the commercial buildings sector, which had become a faster adopter of the company’s technology than electric utilities.[15] GridPoint’s enterprise customers include Walgreens, Chipotle and the U.S. Postal Service.[16]

During his tenure at GridPoint, Corsell raised over $200 million from Goldman Sachs and several venture capital firms, increasing the company's market value by twelve times within five years to $800 million in 2008.[17][18] He was featured in several books including Hot, Flat, and Crowded by Thomas Friedman, Perfect Power by Bob Galvin and Kurt Yeager, Earth: The Sequel by Fred Krupp, The Clean Tech Revolution by Ron Pernick and Clint Wilde, and The Plot to Save the Planet: How Visionary Entrepreneurs and Corporate Titans Are Creating Real Solutions to Global Warming by Brian Dumaine.[19][20][21][22]

He served as the company’s CEO from 2003 until 2010, when he resigned and sold most of his shares alongside Goldman Sachs in advance of the clean tech crash.[23] Corsell was succeeded as CEO by longtime Berkshire Hathaway executive Todd Raba, who previously ran the MidAmerican Energy Company and is currently Chairman of the MISO board.[24][25]

Five years later, in November 2015, Corsell's investment firm, Twenty First Century Utilities, acquired control of GridPoint for $62.5 million, enabling Corsell to retake control of his company. In 2018, GridPoint adopted a recurring revenue model and partnered with Shell to launch a subscription offering for commercial buildings that required no upfront capital from customers.[26]

In 2021,[27] 2022 and 2023, Inc. Magazine named GridPoint among the fastest-growing private companies in America.[28] According to its publications, GridPoint has reduced energy consumption in commercial buildings by more than 7.5 billion kWh, saved its customers over $1 billion in costs, and avoided over 13 billion pounds of CO2 emissions.[29] In February 2022, Goldman Sachs returned to the company, leading a $75 million strategic investment with additional participation from Shell.[30]

Twenty First Century Utilities

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In 2015, after a five-year absence from the energy industry, Corsell cofounded Twenty First Century Utilities ("TFC Utilities") with former Goldman Sachs partner Larry Kellerman, who led the firm's electric power investment business between 2002 and 2010. TFC Utilities was an investment firm focused on acquiring and modernizing power generation assets and electric utility companies.[31][32] In June 2016, Corsell and TFC Utilities cofounder Larry Kellerman appeared on the Charlie Rose show to discuss the ways in which TFC Utilities was contributing to the clean energy industry.[33]

In November 2015, Corsell's investment firm, Twenty First Century Utilities acquired control of GridPoint for $62.5 million, enabling Corsell to retake control of the company.[1][34][35][36] In 2017 and 2018, TFC Utilities completed multiple power purchase agreement (PPA) restructurings and was reported to be exploring electric utility acquisitions in Hawaii, South Carolina, and Bermuda.[37][38][39][40][41][42][43]

In July 2019, TFC Utilities was acquired by I Squared Capital, a global infrastructure investment firm with $38 billion of assets under management in the energy, utilities, telecom, transport, and social infrastructure sector.[44] Corsell is currently a Partner at I Squared Capital, where he is a member of the firm's Operating Committee and created the firm’s technology investment strategy.[45]

In January 2021, I Squared announced the acquisition of Atlantic Power Corporation on the TFC Utilities platform for approximately $1 billion; the deal closed in May 2021.[46] Atlantic Power is a leading power generation and infrastructure company with a portfolio of assets in the United States and Canada. TFC Utilities was merged into Atlantic Power, and Corsell is currently Chairman of the Board of Directors at Atlantic Power & Utilities.

Other ventures

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Corsell has been a founder, board member and investor in several technology companies focused on clean technology, enterprise software, and cybersecurity.

In 2011, Corsell co-founded Hubub, an online community in which users created multimedia channels containing articles, images, and videos on topics of interest.[47] In partnership with Bell Media, Hubub developed a significant following in Canada, and was featured in a 2015 Super Bowl commercial.[48][49] In 2016, Hubub was acquired by Stagwell, a $3 billion digital marketing services conglomerate founded by Mark Penn and backed by Steve Ballmer, and the company was renamed Stagwell Technologies.[50][51]

In 2018, Corsell co-founded HighDegree, a cybersecurity startup focused on reducing digital advertising fraud, which was acquired by IronNet, the publicly-traded cybersecurity company founded by General Keith Alexander in 2019.[52][53][54]

In 2020, Corsell signed a letter stating that the Hunter Biden laptop has "earmarks" of an "information operation"; some later evidence was to the contrary.[55][56]

Awards and affiliations

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Corsell was listed by MIT Technology Review as one of the "top 35 innovators" in the world under the age of 35 in 2008.[57] He was given additional recognition by Infrastructure Investor.[58]

In 2008, Corsell was named Chairman of the World Economic Forum's Global Agenda Council on Sustainable Energy.[59]

In 2010, the World Economic Forum named Corsell a "Young Global Leader".[60][61]

In 2015, the National Association of Corporate Directors (NACD) included Corsell on its inaugural list of leading directors under 40.[62]

Corsell currently serves on the Board of Directors at GridPoint, Atlantic Power & Utilities, and Fermata Energy, a vehicle-to-grid technology company, as well as on the Yale School of Architecture Dean’s Council and The Wolfsonian Museum in Miami Beach.[63]

Author Thomas Friedman claimed the title for his 2016 book Thank You for Being Late was inspired by Corsell, who was late to a breakfast meeting with Friedman in 2015.[64]

References

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  1. ^ a b Pentland, William (November 13, 2015). "Twenty First Century Utilities Buys GridPoint". Forbes.
  2. ^ "World Economic Forum's "New Champions" Include Two Horace Mann School Alumni". Horace Mann School. September 14, 2010.
  3. ^ a b c "It's the Network". Forbes. September 26, 2007.
  4. ^ a b c "Special Report: Grid Unlocked, A smart, digital electric power system could bring vast energy-efficiency gains and a new wave of entrepreneurship". Washington Monthly, September 5, 2009. Archived from the original on October 6, 2013. Retrieved November 20, 2013.
  5. ^ "The Futurists: From solar panels to clean coal, betting big on the future of energy". Inc. Magazine, November 1, 2006. November 2006.
  6. ^ Huddleson, Vicki (2018). Our Woman in Havana: A Diplomat's Chronicle of America's Long Struggle with Castro's Cuba. The Overlook Press.
  7. ^ Dumaine, Brian (2008). The Plot to Save the Planet: How Visionary Entrepreneurs and Corporate Titans Are Creating Real Solutions to Global Warming. Random House. p. 134. ISBN 9780307449313.
  8. ^ Esther Dyson (June 2005). "Dr. Market: Or, How I Learned to Stop Worrying and Lose Control" (PDF). CNET.
  9. ^ "Being Al Gore: Entrepreneurs offer advice to the veep-cum-venture capitalist". Inc. Magazine. February 1, 2008.
  10. ^ Etherington, Darrell (February 20, 2014). "Hubub Raises $8.5M To Be The New Home For Conversations On The Web". TechCrunch. AOL. Retrieved March 10, 2014.
  11. ^ "CEA Announces 2007 Innovations Honorees for Excellence in CE Design and Engineering".
  12. ^ "GridPoint and GM Demonstrate Smart Charging Capabilities".
  13. ^ "Green Conversations: GridPoint Smart Technologies".
  14. ^ "Companies to watch: Electric power producers and efficiency". April 21, 2008.
  15. ^ LaMONICA, Martin. "Smart-grid companies feel growing pains". CNET. Retrieved October 14, 2022.
  16. ^ CENSER, Marjorie (May 24, 2010). "Postal Service turns to GridPoint to cut energy use". Washington Post. Retrieved October 14, 2022.
  17. ^ "Brian Wingfield On Energy". Forbes. December 17, 2008.
  18. ^ "GridPoint Takes $120 Million". New York Times. September 24, 2008.
  19. ^ Friedman, Thomas (2009). Hot, Flat, and Crowded: Why We Need a Green Revolution and How It Can Renew America. New York, NY: Picador. pp. 268. ISBN 9780312428921. corsell.
  20. ^ Galvin, Robert; Yeager, Kurt (2008). Perfect Power: How the Microgrid Revolution Will Unleash Cleaner, Greener, More Abundant Energy. New York, NY: McGraw-Hill. ISBN 9780071641654.
  21. ^ Krupp, Fred (2008). Earth: the Sequel: The Race to Reinvent Energy and Stop Global Warming. New York, NY: Norton and Company. pp. 204. ISBN 9780393066906. peter corsell.
  22. ^ Pernick, Ron; Wilder, Clint (2007). The Clean Tech Revolution. Collins. pp. 9, 183, 286, 397. ISBN 9780061740466.
  23. ^ "Corsell Out as GridPoint CEO". Greentech Media. October 15, 2018.
  24. ^ "GridPoint Appoints Board Member Todd Raba CEO". Washington Business Journal. October 17, 2013.
  25. ^ "Appointment of Todd Raba as new CEO of GridPoint, Inc - A crucial turn for the company and the enterprise energy management solutions industry". Frost & Sullivan. October 17, 2013.
  26. ^ "Shell Partners with Sparkfund and GridPoint on a New Smart Building Subscription Service".
  27. ^ "Introducing the Inc. 5000 Fastest-Growing Private Companies in America".
  28. ^ "Inc. Company Profile | GridPoint". Inc.
  29. ^ Danzenbaker, Mark (March 27, 2023). "The Energy Transition: Buildings are Key in 2023". Energy+Environment Leader. Retrieved March 25, 2024.
  30. ^ "Gridpoint closes $75 million in funding". March 2022.
  31. ^ "Industry Pioneer: The Road To Electric Utility Of The Future Is Paved With Prosumer Technology". Forbes. February 15, 2016.
  32. ^ "Twenty First Century Utilities to make utility buy in 2017, exec says" (PDF). Mergermarket. September 15, 2016.
  33. ^ "Twenty First Century Utilities". Charlie Rose. June 9, 2016.
  34. ^ "TFC Utilities buys Goldman Sachs-backed GridPoint". PE HUB. November 13, 2015.
  35. ^ "In a bid to reimagine power delivery, TFC Utilities buys GridPoint". Utility Dive. November 17, 2015.
  36. ^ "GridPoint's Buyer Has a Plan to Transform the Utility Industry". Washington Business Journal. November 13, 2015.
  37. ^ "Million rate bases: TFC makes the case for a new IOU business model in Hawaii". Utility Dive. March 24, 2017.
  38. ^ "New Suitor for Hawaiian Electric Companies". Ililani Media. March 28, 2017.
  39. ^ "Kona Energy Forum Addressed Energy Transformation". Ililani Media. June 16, 2017.
  40. ^ "Santee Cooper gets a potential buyer from South Carolina". The Post and Courier. December 18, 2017.
  41. ^ Mehta, Jignesh (January 15, 2021). "I Squared Capital to acquire Atlantic Power for $961M or 3.03/share, share +35% (NYSE:AT)". Seeking Alpha. Retrieved March 31, 2021.
  42. ^ "Two utilities offering about $10 billion each to buy Santee Cooper". The Post and Courier. February 15, 2017.
  43. ^ "US firm and investors table Ascendant bid". The Royal Gazette. May 4, 2018.
  44. ^ Stutts, Jordan (January 5, 2021). "I Squared raises over $10bn from 100 LPs at year's end". Infrastructure Investor. Retrieved March 29, 2021.
  45. ^ Walton, Rod (July 31, 2019). "I Squared Capital partnering with clean energy-focused venture firm". Power Engineering.
  46. ^ "I Squared Capital acquires Atlantic Power in $961m deal". www.power-technology.com. January 15, 2021. Retrieved March 31, 2021.
  47. ^ "What's all the Hubub?". Toronto Star. March 2015.
  48. ^ "Bell Media invests $5M in Canadian digital start-up Hubub". October 2014.
  49. ^ "Canada's Bell Media Invests in Social Network Hubub". The Hollywood Reporter. October 2014.
  50. ^ "Stagwell Technologies Company Profile: Acquisition & Investors | PitchBook".
  51. ^ O'Reilly, Lara (August 14, 2018). "Mark Penn's Stagwell Group Raises $260 Million". Wall Street Journal.
  52. ^ "HighDegree Company Profile: Acquisition & Investors | PitchBook".
  53. ^ "Stagwell Media Moves into Advertising Tech and Big Data". PR Newswire. October 19, 2016.
  54. ^ "Stagwell Buys to Establish Big Data and Ad Tech Unit". The Stagwell Group. October 19, 2016.
  55. ^ "Hunter Biden story is Russian disinfo, dozens of former intel officials say". October 19, 2020.
  56. ^ Broadwater, Luke (May 16, 2023). "Officials Who Cast Doubt on Hunter Biden Laptop Face Questions". The New York Times.
  57. ^ "Innovators Under 35, 2008". MIT Technology Review, August 2008.
  58. ^ Staff, Infrastructure Investor (March 1, 2024). "Infrastructure Investor Awards 2023: Global". Infrastructure Investor. Retrieved March 25, 2024.
  59. ^ "A New Generation Charges Ahead". Forbes. January 26, 2009.
  60. ^ "World Economic Forum Young Global Leaders 2010". TechCrunch, March 3, 2010. March 3, 2010.
  61. ^ "Young Global Leaders". World Economic Forum, March 3, 2010.
  62. ^ A New Generation of Board Leadership: Directors Under 40. NACD Directorship. March–April 2015.
  63. ^ SYLVIA, Tim (March 1, 2022). "Gridpoint closes $75 million in funding". PV Magazine USA. Retrieved October 14, 2022.
  64. ^ Staff, MPR. "Tom Friedman on new book: Thank You for Being Late". MPR News. Retrieved October 14, 2022.
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