From the Wires
Powerit Solutions Raises $5.5 Million in Series C Financing
By: Business Wire
Dec. 4, 2012 12:00 PM
Powerit Solutions, the leader in energy demand management automation for industrial businesses, today announced the completion of a $5.5 million Series C growth financing round. The round includes an initial $3 million in April of this year and an additional $2.5 million investment that closed in late November.
The investment will support Powerit’s ongoing work with strategic partners to integrate its product, Spara EMS®, into the industrial automation, utility, and smart grid infrastructure. It will also fund the completion of a cloud platform launching in 2013. Finally, it will allow Powerit to expand its reach in the European market. Four institutional investors from previous rounds participated, with Black Coral Capital leading as it did in the Series B round.
“Our investors are excited about Powerit’s expansion of strategic partnerships as well as the upcoming launch of Spara into the cloud,” says Kevin Klustner, Powerit CEO. “We are pioneers in our field, and our hundreds of existing installations and active collaborations with utilities, OEMs, and system integrators are enabling us to help industrial facilities worldwide effortlessly control energy use for savings and sustainability.”
A noted leader in automated demand response, Powerit Solutions now manages an estimated 571 megawatts of electrical load in North America. In October, Powerit earned a spot on the Global Cleantech 100 list as one of the 100 most promising private cleantech companies in the world. Later that month, Powerit announced sales partnerships with four leading U.S. automation distributors that together have billions of dollars in sales in 20 states.
The new funding will enable Powerit to:
Powerit’s new cloud platform, a focus of research and development throughout 2012, will be unveiled early next year. SparaHub™ will provide real-time pricing and demand response event data for each user’s market and give users seamless integration with utility programs. The hosted platform also will allow partners to easily integrate Spara into their solutions and will provide aggregate data enabling users to benchmark their performance against their industry.
“Powerit is uniquely positioned in the industrial automation market as the last mile linking facilities to the smart grid, so they can tap into savings and ever-more sophisticated demand management strategies,” says Rob Day of Black Coral Capital. “And potential energy savings in the industrial market are still largely untapped. Spara is on track to be a key technology in this huge sector as energy prices continue to rise.”
“We believe the company’s ongoing work with strategic partners will accelerate when SparaHub comes online,” Day adds. “We also like the fact that Powerit has a strong base for expansion in Europe.”
About Powerit Solutions
Powerit Solutions is a Seattle-based international cleantech company that sets the demand management standard. Its Spara EMS® technology links industrial facilities with the smart grid so customers can effortlessly control energy use for savings and sustainability. Spara uses sophisticated algorithms, built-in load-shedding intelligence, and data drawn from equipment, electricity meters, and utility transmissions to optimize facility energy use—without compromising production or quality. For more information, visit the Powerit Solutions website.
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