GridPoint, a company that helps utilities monitor and balance demands on the electric grid, on Tuesday announced a $120 million funding round.

The cash will be used to fuel the company’s expansion strategy, and already the first acquisition has been announced. GridPoint grabbed Seattle, Washington-based V2Green, whose technology allows plug-in electric vehicles like the Saturn Vue to communicate with the electric grid and charge up.

GridPoint has now raised more than $220 million. This latest round comes largely from existing investors, including Goldman Sachs Group, Susquehanna Private Equity Investments, The Quercus Trust, the Altira Group, and Standard Renewable Energy Group.

The smart-grid company is working with several utilities including Charlotte, North Carolina-based Duke Energy and Minneapolis, Minnesota’s Exel Energy, which has selected GridPoint’s platform for a $100 million initiative in Boulder, Colorado.

The platform applies information technology to the electric grid to provide utilities with an intelligent network of distributed energy resources that controls load, stores energy, and produces power. The platform helps “smarten” the grid and simplifies its monitoring and managing for utilities.

This March, the Arlington, Virginia, company added several high-profile people to its advisory board, including former CIA director R. James Woolsey and T.J. Glauthier, former deputy secretary of energy.