NEW YORK, September 27, 2007 -- ConsumerPowerline, a leading strategic energy asset management firm whose marketplace innovations have produced millions in energy savings for its large industrial, commercial and residential customers, announced the completion of its $17 million Series A Preferred Financing. The round was led by Expansion Capital Partners, LLC, a leading Clean Technology venture capital firm, with co-investors Bessemer Venture Partners, as well as Schneider Electric Ventures, the New York City Investment Fund and Vantania Holdings, advised by Consensus Business Group.
Diana Propper, partner at Expansion Capital Partners, and Justin Label, partner at Bessemer Venture Partners, will join ConsumerPowerline’s board of directors. The placement was facilitated by America’s Growth Capital.
ConsumerPowerline will use the funds to aggressively expand Demand Response, smart metering technologies, permanent energy efficiency solutions and other products and services designed to pay end-users for the efficiencies that they offer to the national, regional and local energy markets.
The company continues its record as a pioneer in the creation of the demand response industry. ConsumerPowerline created the first “aligned incentive” model, in which the firm shares in the incremental savings or revenues it generates for clients.
Demand Response is a kind of electricity “insurance policy” in which large energy users help prevent widespread blackouts, brownouts and voltage reductions by using less power when the local and regional electric grid is under stress and a power outage looms. Energy companies can buy “negative watts” (negawatts), at the same rate as electricity for those peak hours--avoiding the far higher cost of outages, building new power plants or running dirty, uneconomic peaking plants.
Using a web-based technology platform and an integrated national approach, ConsumerPowerline has become a trusted energy management partner, helping owners and operators of large commercial, residential, institutional and industrial facilities that have significant energy demands, gain greater control over energy expenditures and generate new sources of revenue.
ConsumerPowerline’s President Mike Gordon said, “The significant investment provided by Expansion Capital Partners and Bessemer Venture Partners, along with our other value-add investors, will allow ConsumerPowerline to grow our team, enhance our products and services and expand our national presence. With this venture funding, ConsumerPowerline will be able to bring attractive and lucrative efficiency products and services to a much wider range of customers.”
Diana Propper, partner of Expansion Capital Partners stated, “We are excited to be backing ConsumerPowerline’s team. Energy efficiency and demand management have large and expanding markets. The company is strongly positioned in these markets, delivering measurable energy savings to its customers. The US has pressing needs to upgrade the reliability of the power grid and to reduce greenhouse gases -- ConsumerPowerline delivers solutions to both.”
Justin Label of Bessemer Venture Partners added, “ConsumerPowerline understands both complex energy markets and its customers’ specific needs. The company has a proven track record, providing income from demand response programs and energy efficiency solutions to its loyal customer base. We are very pleased to be teaming up with the company in its next phase of growth.”
Gordon concluded, “Since our founding, ConsumerPowerline has been committed to building the best platform for our products and services. In the six years of our existence, we have paid our clients well in excess of $20 million, and have helped build an industry that has far and wide reaching positive implications for the greater economy. We have proven that Demand Response is a valuable, vital and growing component in the nation’s broader energy management portfolio. ConsumerPowerline is focused on bringing our services, our products and our commitment to help our clients generate real revenues as well as to help them become better energy stewards. As such, we could not have a better group of investors to partner with. This unique team will enable us to further realize the company’s full potential,” he said.
ConsumerPowerline was selected for the Inc. 500 list for 2006 and 2007, Deloitte Technology Fast 500 Award, as well as the recipient of the Ernst & Young Entrepreneur of the Year Award for Emerging Business. ConsumerPowerline's client list features notable public and private firms including: CB Richard Ellis, Stanley Works, Sears, Hines Property Management, Forest City Ratner Corporation, Co-op City, Macklowe Properties, RFR Realty, NYU Medical Center, Newmark Properties, Douglas Elliman Property Management, Cooper Square Realty, Wentworth Management and dozens of other substantial end-users of energy.
Diana Propper, partner at Expansion Capital Partners, and Justin Label, partner at Bessemer Venture Partners, will join ConsumerPowerline’s board of directors. The placement was facilitated by America’s Growth Capital.
ConsumerPowerline will use the funds to aggressively expand Demand Response, smart metering technologies, permanent energy efficiency solutions and other products and services designed to pay end-users for the efficiencies that they offer to the national, regional and local energy markets.
The company continues its record as a pioneer in the creation of the demand response industry. ConsumerPowerline created the first “aligned incentive” model, in which the firm shares in the incremental savings or revenues it generates for clients.
Demand Response is a kind of electricity “insurance policy” in which large energy users help prevent widespread blackouts, brownouts and voltage reductions by using less power when the local and regional electric grid is under stress and a power outage looms. Energy companies can buy “negative watts” (negawatts), at the same rate as electricity for those peak hours--avoiding the far higher cost of outages, building new power plants or running dirty, uneconomic peaking plants.
Using a web-based technology platform and an integrated national approach, ConsumerPowerline has become a trusted energy management partner, helping owners and operators of large commercial, residential, institutional and industrial facilities that have significant energy demands, gain greater control over energy expenditures and generate new sources of revenue.
ConsumerPowerline’s President Mike Gordon said, “The significant investment provided by Expansion Capital Partners and Bessemer Venture Partners, along with our other value-add investors, will allow ConsumerPowerline to grow our team, enhance our products and services and expand our national presence. With this venture funding, ConsumerPowerline will be able to bring attractive and lucrative efficiency products and services to a much wider range of customers.”
Diana Propper, partner of Expansion Capital Partners stated, “We are excited to be backing ConsumerPowerline’s team. Energy efficiency and demand management have large and expanding markets. The company is strongly positioned in these markets, delivering measurable energy savings to its customers. The US has pressing needs to upgrade the reliability of the power grid and to reduce greenhouse gases -- ConsumerPowerline delivers solutions to both.”
Justin Label of Bessemer Venture Partners added, “ConsumerPowerline understands both complex energy markets and its customers’ specific needs. The company has a proven track record, providing income from demand response programs and energy efficiency solutions to its loyal customer base. We are very pleased to be teaming up with the company in its next phase of growth.”
Gordon concluded, “Since our founding, ConsumerPowerline has been committed to building the best platform for our products and services. In the six years of our existence, we have paid our clients well in excess of $20 million, and have helped build an industry that has far and wide reaching positive implications for the greater economy. We have proven that Demand Response is a valuable, vital and growing component in the nation’s broader energy management portfolio. ConsumerPowerline is focused on bringing our services, our products and our commitment to help our clients generate real revenues as well as to help them become better energy stewards. As such, we could not have a better group of investors to partner with. This unique team will enable us to further realize the company’s full potential,” he said.
ConsumerPowerline was selected for the Inc. 500 list for 2006 and 2007, Deloitte Technology Fast 500 Award, as well as the recipient of the Ernst & Young Entrepreneur of the Year Award for Emerging Business. ConsumerPowerline's client list features notable public and private firms including: CB Richard Ellis, Stanley Works, Sears, Hines Property Management, Forest City Ratner Corporation, Co-op City, Macklowe Properties, RFR Realty, NYU Medical Center, Newmark Properties, Douglas Elliman Property Management, Cooper Square Realty, Wentworth Management and dozens of other substantial end-users of energy.
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