Funding Delivered as Part of Intel’s Open Energy Initiative
NEW YORK — July 29, 2009 — CPower (www.cpowered.com), a leading energy management firm, today announced an infusion of funding from Intel Capital, Intel's global investment organization. This investment, Intel’s first in CPower, is part of Intel’s Open Energy Initiative, which is dedicated to fueling the development of the clean energy industry.
“We are honored by Intel Capital's significant investment in CPower,” said Gary Fromer, CEO of CPower. “As a participant in Intel’s Open Energy Initiative, we will utilize the funding effectively to help accomplish our common goal of making the global transition to smart energy a reality.”
“Demand response and market-based energy efficiency programs are key components of a smarter energy future,” said Steve Eichenlaub, managing director, platform technologies, cleantech and digital health, Intel Capital. “We believe that companies like CPower, with its technological expertise and strategic approach to sustainability, will help make a significant impact on accelerating smarter energy efficiency.”
This latest investment is an extension of CPower’s $10.68 million Series B round of financing, which closed in April 2009 and was led by Mayfield Fund, as well as Bessemer Venture Partners, Expansion Capital Partners, Schneider Electric Ventures, New York City Investment Fund and Consensus Business Group.
Since its inception, CPower has become one of the largest energy management and demand response providers in North America and a thought leader in developing new energy reduction markets and opportunities for its clients and partners. The company offers a range of energy management programs including demand response capacity, reserves and regulation, energy efficiency, peak load management and white certificates. Recently, CPower expanded across North America into California, the Mid-Atlantic region, Texas and Ontario, and is positioned to pursue additional regions in the coming year. In addition, CPower has broadened its client base throughout the industrial, commercial, retail and institutional sectors with new client partnerships including Wal-Mart, Sears Holdings Corporation, Kmart, Marcal Manufacturing, LaFarge North America, Long Trail Brewing Co., National Envelope, Passaic Rubber, Ramapo College, Vitamin Shoppe, and Western Container.