When GridPoint purchased Seattle startup V2Green last September, executives touted the synergies between the "smart grid" companies. But -- just six months after the merger -- things aren't going quite as planned.
V2Green founder and former CEO David Kaplan was terminated Feb. 24, prompting the 55-year-old software executive to file a lawsuit alleging that GridPoint violated the terms of his employment contract. "It is frustrating, obviously," Kaplan said. The former Microsoft manager said he tried to reach an agreement with GridPoint, but the company was not responsive. GridPoint could not comment this morning, but was planning a statement on the dispute.
Kaplan had served as general manager of GridPoint's Electric Vehicle Management Business after the acquisition, helping to create intelligent ways to power plug-in vehicles.
"I am sorry that it came out this way, but these things happen, I guess," he said. Arlington, Virginia-based GridPoint raised $120 million in financing at the time of the V2Green deal, bringing total capital in the clean tech startup to more than $220 million.
Kaplan declined to comment on the status of GridPoint's business or the current leadership in Seattle.
In a lawsuit filed March 16 in King County Superior Court [PDF, 4 pages], Kaplan argues that he was due a lump sum payment equal to 12 months of his annual salary if he were terminated without cause or if he resigned for good reason. At the time of Kaplan's removal, he was not offered another position in the company, the suit says.
And he was not paid his severance. The lawsuit did not say how much Kaplan was owed.
At the time of the V2Green acquisition and equity financing, GridPoint said that the capital infusion would help fuel other acquisitions. V2Green's "smart charging" technology allows utilities to control the time and pace at which electrical vehicles are charged, reducing loads on electrical grids during peak hours.
“GM's recent announcement on the availability of the Chevy Volt marks the beginning of a wave of plug-in electric vehicles to come,” Kaplan said at the time of the acquisition. “GridPoint clearly understands how to provide electric utilities with an infrastructure that prepares the grid for their arrival.”
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