Wednesday, 17 June 2009

CPower raises $10m

Energy management firm CPower has closed its Series B round of financing, indicating that VCs are interested in technology that makes energy grid more intelligent.

This $10.68 million investment was led by a new investor in the company, Mayfield Fund, as well as returning investors, including Bessemer Venture Partners, Expansion Capital Partners, Schneider Electric Ventures, New York City Investment Fund and Consensus Business Group.

The proceeds will be used to accelerate business growth in new geographies and vertical markets, and to continue the development of its turnkey energy management solutions.

The company offers a range of energy management programmes including demand response capacity, reserves and regulation, energy efficiency, peak load management and white certificates.

CPower had bagged $17 million in its Series A funding in 2007.

In another development, CPower has been chosen to support plastics manufacturer Spartech Corporation’s energy conservation programme. The company will use CPower’s energy management demand response solution to reduce electric energy consumption at various facilities in North America.

Spartech has committed to curtail up to 10 megawatts of electricity capacity upon request by the regional transmission organisations responsible for calling demand response events when the grid is under stress. CPower will help manage this process at approximately 10 facilities throughout the U. S.

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