@Ventures, the venture capital business of CMGI, Inc. (Nasdaq: CMGI), announced today that it has made a $3.0 million investment in Powerit Holdings, Inc., a developer of intelligent demand-side energy management solutions. @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.