Bridge Energy Group has gotten millions of dollars in investment money from Updata Partners – a technology equity firm – according to company and media reports.

The investment will be used to support Bridge Energy’s Information Technology products for utilities.

Bridge Energy received between $10 million and $15 million in money from Updata Partners, according to a report from The Worcester Business Journal in Massachusetts.

Bridge Energy's technology is targeted at utility and energy companies. Many of these companies are expecting to invest in the implementation of smart grid technology, according to the business publication.

U.S. utilities will spend some $8.25 billion on such smart grid expenses by 2015, The Business Journal added.

“Utilities are under tremendous pressure to transform their operations and future-proof an aging IT infrastructure to successfully meet the growing demand in an increasingly energy dependent world,” Tony Giroti, CEO of Bridge Energy Group, said in a company press release. “The investment from Updata Partners will help Bridge to continue to expand the solutions, services and value that we bring to the energy industry at this critical time.”

Increasing energy prices, increasing demand for energy, and the fixed capacity of power generation are all factors faced by the sector.

The U.S. Department of Energy says demand for energy will increase by 20-25 percent in the next 10-15 years while grid capacity will increase by 6 percent.

“Bridge has a rare combination of industry expertise, practical know-how, and thought leadership to address the challenges facing utilities as we move to a Smart Grid,” Barry Goldsmith, an Updata general partner, said in the press release. “We look forward to working with them to create a new leader in the marketplace.”

Bridge Energy is one of the fastest growing companies in the United States for two consecutive years, according to a ranking by Inc. Magazine.

It was also ranked as one of the top-25 fastest-growing energy sector private companies, the company added.

In other news stories about energy, TMCnet reported that the United Kingdom is set to deploy 53 million smart meters in 30 million households over the next eight years. But a new report says there is “disinformation and confusion within the Commonwealth countries on both the specifics of the rollout and the benefits to consumers.”