Energate Secures $7.2 Million Series B Funding
Venture community validates Energate's leadership in Smart Grid-ready Demand Response and Home Energy Management Solutions
Energate (www.energateinc.com) a leading provider of demand response and home energy management solutions for utilities and their consumers, today announced it has secured $7.2 million in Series B funding. The funding will be used to drive sales growth and customer deployment initiatives while supporting the company’s ongoing product development efforts and strategic partnerships.
The investment was led by Cycle Capital Fund I, L.P., a pioneer among Canadian venture capital funds focused on Cleantech opportunities. New and existing investors participated in the round, as did the Ontario Capital Growth Corporation’s (OCGC) Ontario Emerging Technology Fund (OETF). OETF is a direct investment fund established by the Province of Ontario in 2009 to invest alongside Qualified Co-Investors into innovative, high-growth, private Ontario companies.
The financing will enable Energate to continue to scale operations and strengthen its position in the growing Demand Response and Smart Grid market. Energate has propelled itself to the forefront of this area by developing solutions such as its broadband-enabled and Smart Grid-interoperable Consumer Connected Demand Response (CCDR) solution set that is utility-focused yet allows consumers to control their own personal requirements. Utilities are deploying demand response programs to curb energy usage, especially during peak periods. Managing peak demand is proven to be significantly more cost effective than building new power plants, and those savings benefit utilities, governments, consumers and the environment.
“Energate’s market lead in Smart Thermostats and Demand Response combined with their smart grid partnerships gives us confidence that the company will deliver results and tremendous growth in this global market,” said Andrée-Lise Méthot, Founder and Senior Partner and Bernhardt Zeisig, Senior Partner with Cycle Capital. “We are impressed with the Energate team and what they have accomplished - the best is yet to come for this organization.”
“Energate`s leading technology suite now enables utilities to shift demand from our natural resources while empowering consumers to optimize their home comfort and manage costs,” said Energate Chief Executive Officer Niraj Bhargava. “We look forward to working with our value-add investors and are pleased to have their support and confidence as a further validation of our business direction and growth.”
About Energate
Energate is a leading provider of home energy management solutions including software, wireless communications, gateways, smart thermostats, switches and consumer energy displays. The Consumer Connected Demand Response (CCDR) solution allows utilities to immediately address residential energy demand and empowers consumers to more effectively manage their energy use. Energate products seamlessly connect to the Smart Grid to deal with supply and demand challenges, the increased use of renewables and dynamic rate structures. Founded in 2004, Energate is headquartered in Ottawa with offices in North Carolina, Toronto and California. Visit www.energateinc.com
About Cycle Capital
Cycle Capital Management (CCM) Inc. is a private fund manager based in Montreal that focuses its investments on companies developing and marketing clean technologies and renewable-energy projects that can benefit from opportunities created by the emergence of a low-carbon economy in North America. www.cyclecapital.com
About OETF
The Ontario Emerging Technologies Fund (OETF or the Fund) is a direct co-investment fund established by the Province of Ontario in 2009. The Government has announced that the OETF will be a $250 million fund over five years, to a maximum of $50 million per year for each of the five years, to co-invest alongside Qualified Investors into innovative, high-growth, private, Ontario companies.
The Fund is managed by the Ontario Capital Growth Corporation (OCGC), an agency of the Ontario Ministry of Research and Innovation. Visit www.ontario.ca/ocgc for more information.
Contact:
Karen McNaughton
Director of Marketing
Energate Inc.
kmcnaughton@energateinc.com
613-482-7928 x232
