Demand Response firm ConsumerPowerline has completed a $17 million Series A Preferred Financing.
The round was led by Expansion Capital Partners, LLC, 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.
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.
ConsumerPowerline uses an “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 helps 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.
President Mike Gordon said, “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 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. Clients include: 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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