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  • Powerit Holdings, Inc. Secures $7 Million Venture Capital Investment

    June 4th, 2007 No comments

    @Ventures, the venture capital business of CMGI, Inc., announced recently that it has made a $3 million investment in Powerit Holdings, Inc., a leader in intelligent energy-demand management. @Ventures led the company’s $7.1 million Series A financing round, joined by new co-investor Expansion Capital Partners, and existing investors including Stellar Holdings and company management.

    Powerit Holding’s US subsidiary, Powerit Solutions, provides energy demand response and demand control solutions for industrial and commercial companies. These easy-to-integrate, proprietary solutions enable major cost savings on electricity bills with no impact to productivity or quality, as demonstrated with hundreds of installations of the technology to date. Powerit Holding’s European subsidiary, Diana Control (www.diana.se), also provides an industry-leading building controls system for commercial building owners in the region.

    Powerit Solutions is especially well-poised to support the growth of demand response (DR) services to the electric utility industry. Powerit’s main product, Energy Director, automatically predicts, regulates, and lowers demand, and is a system approved for DR incentive programs by public utilities which have strong interest in finding cost saving and energy conservation solutions for large industrial users.

    “We are pleased to receive this funding from @Ventures and Expansion Capital Partners, two recognized leaders in clean technology venture capital,” said Claes Olsson, CEO of Powerit Holdings. “We have been getting tremendous interest from industrial and utility customers who need proven demand response and demand management solutions, and this infusion of capital will allow us to accelerate our growth and product offerings to meet customer needs.”

    “Powerit’s technologies are uniquely-suited to meet the demanding needs of large industrial electricity users,” said Marc Poirier, Managing Director, @Ventures. “By helping these companies reduce their energy bills in an automated way and without hindering productivity, Powerit delivers strong economic value to customers. And by helping utilities to manage their peak demand periods without the addition of new power plant capacity, Powerit helps address the increasing demand for electricity while minimizing carbon emissions and other environmental impacts associated with power generation,” added Poirier. In conjunction with the investment in Powerit Holdings, Inc., Poirier has joined the company’s board of directors.

    Powerit Holdings, Inc. is a global leader in intelligent energy-demand management. Through application of the company’s technology, Energy Director, companies manage and reduce peak energy demand – saving money and conserving energy without compromising production and processing operations or building comfort. There are hundreds of installations of the company’s technology globally, many in industrial sectors that have high energy demand, including mechanical fabrication and manufacturing, agriculture and food products, petroleum and petrochemicals, forest products, and primary metals fabrication, as well as in commercial and recreational facilities. Powerit Holdings, Inc. is headquartered in Seattle, Washington.

    For more information, please visit www.poweritsolutions.com

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