How's this for success: smack in the middle of the Wall Street crisis and the economic meltdown, GridPoint, a company that develops technology to help customers monitor their energy use, raised $120 million in venture capital funding. Let's repeat that: $120 million. They must have some business plan because, to put that figure in perspective, venture capitalists invested a total of $168 million in energy-efficient companies last quarter, according to the Washington Post. And, yes, that sum includes the $120 million GridPoint raised.

So, what makes GridPoint's business plan so special? For one, while many utilities and businesses are discussing reducing clean energy projects because of their expense and the economic downturn, GridPoint is developing a technology that may make it cheaper and more efficient to use not just clean energy, but all kinds of energy. More specifically, their technology—known as "smart grids"—will provide users—including businesses, residential customers, and utility companies—data regarding how much energy they're using, how much it costs, when and where the energy is drawn, and more to the point, how energy and cash can be conserved. In their words:

"GridPoint SmartGrid Platform provides an intelligent network that integrates load measurement and control devices, energy storage technologies and renewable energy sources into the electric grid. The platform can easily incorporate emerging technologies, such as PHEVs and fuel cells, as these technologies become commercially viable."

What remains to be seen is whether companies will actually be willing to cough up the cash for the admittedly expensive smart grids to save money down the road - particularly in this market. It's a gamble that VCs apparently think will pay off, though.

(Image via Zdnet)