Powerit Solutions, a provider of energy management and efficiency systems, announced $6 million in new funding from Siemens Venture Capital and ArcelorMittal’s Clean Technology Fund, as well as from existing investors @Ventures and Expansion Capital Partners.
The funding will be used to accelerate the company’s continuing growth into new industrial and commercial markets and continue product development efforts.
Powerit’s Spara energy management system provides commercial and industrial
energy users with automated, rules-based control that shifts energy
loads to avoid costly power spikes during normal operations. The system employs IP connectivity and wireless devices.
Regarding the new funding, Eric Emmons, Investment Partner at Siemens Venture Capital, said: "Globally, the industrial and manufacturing sector represents nearly one-third of all energy usage, so we see this as a key area in which to realize efficiencies. Powerit has a well-documented track record of achieving significant energy and cost savings within highly-complex industrial environments without interrupting production, and we see enormous potential for growth in the usage of this technology by major industrial companies worldwide."
ArcelorMittal is the world’s largest steel company, employing more than 300,000 employees and producing approximately 10% of world steel output. ArcelorMittal’s Clean Technology Fund invests in high-growth companies focused on commercializing clean energy technologies that reduce greenhouse gas emissions and have relevance for the steel industry and its customers.
Lou Schorsch, president and CEO, ArcelorMittal Flat Carbon Americas noted: "Powerit Solutions offers a unique IT-based solution for industrial customers such as ourselves to simultaneously reduce power demand and carbon emissions while generating significant cost savings."
Powerit said its expansion allows it to better respond to the surge in customer demand created by new policies and incentives supporting energy efficiency and carbon reduction, which have been recently enacted by the Obama administration and other national governments.
"Two of the world’s largest and most respected companies have recognized the impact our Spara technology can have on the way that commercial and industrial facility operators will address power and data management," said Claes Olsson, Powerit Solutions’ CEO.
Powerit’s technology is currently employed in more than 2,500 installations worldwide, the company said. Clients include Paul Masson Winery, Benton Foundry, IKEA, Stockholm Airport, PCC, San Jose Mercury News, Amy’s Kitchen, and many others.
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