Congruent Ventures has achieved an exit through the purchase of Blueprint Power by BP.
Blueprint Power, a US-based energy distribution technology platform, has been acquired by oil and gas company BP for an undisclosed sum, providing an exit to University of California-backed venture capital firm Congruent Ventures.
Founded in 2017, Blueprint Power has developed technology to optimise the energy efficiency of buildings and sell surplus energy stored in batteries or generated on-site, for example through solar panels, to the grid.
The company’s New York client base currently generates a combined 13 megawatts of renewable energy and following the acquisition, BP and Blueprint are aiming to increase this to 36 megawatts by the end of next year. Blueprint will join BP’s Launchpad accelerator.
Blueprint Power closed a $3.5m series A round co-led by Congruent Ventures and MetaProp NYC in 2018, when home construction and real estate company Lennar and 174 Power Global, a solar electricity affiliate of energy firm Hanwha Energy, as well as angel investors also participated.
Blueprint also raised cash from Urban-X, an accelerator backed by car manufacturer BMW’s Mini subsidiary and VC fund Urban Us, along with Urban Us itself and Fifth Wall Ventures.
Blueprint Power previously secured $500,000 in equity funding from undisclosed investors in December 2017, according to a regulatory filing. It had received $100,000 three months previously upon joining the third cohort of Urban-X’s accelerator.
