Peter L. Corsell

Peter L. Corsell (born December 5, 1977) is an American entrepreneur and investor. In 2003, Corsell founded GridPoint, and in 2015 Corsell cofounded Twenty First Century Utilities.[1] Corsell was recognized by MIT as one of the top 35 innovators in the world under the age of 35 in 2008.[2]

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

Early life and education

Corsell was born in Brooklyn, New York and raised in Manhattan.[3] Corsell attended the Edmund A. Walsh School of Foreign Service at Georgetown University where he earned a BSFS degree in 2000.[4][5]

In 1999, Corsell was recruited by the Central Intelligence Agency, where he worked as an intelligence officer in the Cuba branch.[4][6] From early 2001 to late 2002, Corsell worked for the U.S. Department of State in Cuba,[5][7] where he served as Special Assistant to Ambassador Vicki J. Huddleston, the Principal Officer of the United States Interests Section in Havana.[8]

Career

GridPoint

At age 25, Corsell founded GridPoint to develop energy management and renewable energy technologies.[4][5][9][10][11]

During his tenure at GridPoint, Corsell raised $200 million from Goldman Sachs and several venture capital firms, increasing the company's market value by twelve times within five years.[12][13] 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.[14][15][16][17]

He served as the company’s CEO from 2003 until 2010, when he unexpectedly resigned amid a management shakeup and sold most of his shares.[18] Corsell was succeeded as CEO by longtime Berkshire Hathaway executive Todd Raba, who previously ran the MidAmerican Energy Company.[19][20]

The Stagwell Group

After leaving GridPoint, Corsell cofounded Hubub in 2011.[21] Hubub was a social community for internet users to explore and debate topics of interest. Users created multimedia channels containing articles, images and videos on specific topics.[22][23] In partnership with Bell Media, Canada’s largest multimedia company, Hubub developed a significant following in Canada, and was featured in a 2015 Super Bowl commercial.[24][25][26][27] In 2016, Hubub was acquired by The Stagwell Group, a digital marketing services conglomerate founded by Mark Penn and backed by Steve Ballmer, and the company was renamed Stagwell Tech. Corsell is currently Senior Advisor to The Stagwell Group.[28][29]

Twenty First Century Utilities

In 2015, after a five-year absence from the energy industry, Corsell cofounded Twenty First Century Utilities, an investment firm seeking to acquire and modernize regulated electric utility companies.[30][31] In June 2016, Corsell and TFC Utilities cofounder Larry Kellerman appeared on the Charlie Rose show to discuss the ways in which TFC Utilities is contributing to the clean energy industry.[32]

In November 2015, TFC Utilities acquired control of GridPoint for $62.5 million, enabling Corsell to retake control of his first company.[1][33][34][35] In 2017 and 2018, TFC Utilities was reported to be exploring electric utility acquisitions in Hawaii, South Carolina and Bermuda.[36][37][38][39][40][41]

I Squared Capital

In July 2019, TFC Utilities was acquired by I Squared Capital, a $20 billion private equity firm in the global infrastructure sector. Corsell is currently Managing Director at I Squared, where he led the creation and execution of the firm’s technology investment strategy.[42]

Awards and affiliations

In 2008, MIT Technology Review recognized Corsell as one of the top 35 innovators in the world under the age of 35.[2]

In 2008, Corsell was named Chairman of the World Economic Forum's Global Agenda Council on Sustainable Energy.[43]

In 2009, Corsell was a founding member of the Electrification Coalition, a nonpartisan organization dedicated to the widespread adoption of electric vehicles.[44][45]

In 2010, the World Economic Forum named Corsell a Young Global Leader.[46][47]

In 2015, the National Association of Corporate Directors included Corsell on its inaugural list of leading directors under 40.[48]

Corsell is a member of the Council on Foreign Relations (CFR), the Young Presidents' Organization (YPO), and the Association of Former Intelligence Officers (AFIO).[49][50]

Corsell is a member of the Yale School of Architecture Dean’s Council and serves on the board of the Wolfsonian Museum in Miami Beach, Florida.[51]

References
  1. Pentland, William (November 13, 2015). "Twenty First Century Utilities Buys GridPoint". Forbes.
  2. "Innovators Under 35, 2008". MIT Technology Review, August 2008.
  3. "World Economic Forum's "New Champions" Include Two Horace Mann School Alumni". Horace Mann School. September 14, 2010.
  4. "It's the Network". Forbes. September 26, 2007.
  5. "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.
  6. "The Futurists: From solar panels to clean coal, betting big on the future of energy". Inc. Magazine, November 1, 2006.
  7. Huddleson, Vicki (2018). Our Woman in Havana: A Diplomat's Chronicle of America's Long Struggle with Castro's Cuba. The Overlook Press.
  8. 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.
  9. Esther Dyson (June 2005). "Dr. Market: Or, How I Learned to Stop Worrying and Lose Control" (PDF). CNET.
  10. "Being Al Gore: Entrepreneurs offer advice to the veep-cum-venture capitalist". Inc. Magazine. February 1, 2008.
  11. Etherington, Darrell. "Hubub Raises $8.5M To Be The New Home For Conversations On The Web". TechCrunch. AOL. Retrieved 10 March 2014.
  12. "Brian Wingfield On Energy". Forbes. December 17, 2008.
  13. "GridPoint Takes $120 Million". New York Times. September 24, 2008.
  14. 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. corsell.
  15. 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.
  16. Krupp, Fred (2008). Earth: the Sequel: The Race to Reinvent Energy and Stop Global Warming. New York, NY: Norton and Company. pp. 204. peter corsell.
  17. Pernick, Ron; Wilder, Clint (2007). The Clean Tech Revolution. Collins. pp. 9, 183, 286, 397. ISBN 9780061740466.
  18. "Corsell Out as GridPoint CEO". Greentech Media. October 15, 2018.
  19. "GridPoint Appoints Board Member Todd Raba CEO". Washington Business Journal. October 17, 2013.
  20. "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.
  21. "After leaving GridPoint, Corsell cofounded Hubub in 2011". TechCrunch. February 20, 2014.
  22. "Bell Media Invests in Canadian Digital Startup Hubub". Bell Media. October 1, 2014.
  23. "What the heck is a Hubub?". The Loop. December 19, 2014.
  24. "Bell Media invests $5M in Canadian digital start-up Hubub". CTV News. October 1, 2014.
  25. "Canada's Bell Media Invests in Social Network Hubub". Hollywood Reporter. October 1, 2014.
  26. "ubub 2015 Super Bowl Commercial (30 Second Spot)". YouTube. February 1, 2015.
  27. "What's all the Hubub?". Toronto Star. March 1, 2015.
  28. "Stagwell Media Moves into Advertising Tech and Big Data". PR Newswire. October 19, 2016.
  29. "Stagwell Buys to Establish Big Data and Ad Tech Unit". The Stagwell Group. October 19, 2016.
  30. "Industry Pioneer: The Road To Electric Utility Of The Future Is Paved With Prosumer Technology". Forbes. February 15, 2016.
  31. "Twenty First Century Utilities to make utility buy in 2017, exec says" (PDF). Mergermarket. September 15, 2016.
  32. "Twenty First Century Utilities". Charlie Rose. June 9, 2016.
  33. "TFC Utilities buys Goldman Sachs-backed GridPoint". PE HUB. November 13, 2015.
  34. "In a bid to reimagine power delivery, TFC Utilities buys GridPoint". Utility Dive. November 17, 2015.
  35. "GridPoint's Buyer Has a Plan to Transform the Utility Industry". Washington Business Journal. November 13, 2015.
  36. "'Million rate bases': TFC makes the case for a new IOU business model in Hawaii". Utility Dive. March 24, 2017.
  37. "New Suitor for Hawaiian Electric Companies". Ililani Media. March 28, 2017.
  38. "Kona Energy Forum Addressed Energy Transformation". Ililani Media. June 16, 2017.
  39. "Santee Cooper gets a potential buyer from South Carolina". The Post and Courier. December 18, 2017.
  40. "Two utilities offering about $10 billion each to buy Santee Cooper". The Post and Courier. February 15, 2017.
  41. "US firm and investors table Ascendant bid". The Royal Gazette. May 4, 2018.
  42. Walton, Rod (July 31, 2019). "I Squared Capital partnering with clean energy-focused venture firm". Power Engineering.
  43. "A New Generation Charges Ahead". Forbes. January 26, 2009.
  44. "Top CEOs Launch Electrification Coalition". Electrification Coalition. November 16, 2009.
  45. "Electrification Coalition Members". Electrification Coalition.
  46. "World Economic Forum Young Global Leaders 2010". TechCrunch, March 3, 2010.
  47. "Young Global Leaders". World Economic Forum, March 3, 2010.
  48. "Directors Under Age 40". NACD Directorship Magazine. April 10, 2015.
  49. "CFR Membership Roster" (PDF). Council on Foreign Relations. 2011.
  50. "Bloomberg Executive Profile". Bloomberg.
  51. "The Wolfsonian–FIU appoints four new board members and elects new officers". The Wolfsonian-FIU, June 28, 2010.
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