|[December 04, 2012]
Powerit Solutions Raises $5.5 Million in Series C Financing
SEATTLE --(Business Wire)--
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:
Expand strategic relationships with its industrial automation,
utility, and smart grid partners in North America and Europe
Launch the Spara cloud product
Pursue expansion in the European market
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
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