Investors Add $6 M to Seattle's Powerit Solutions
Powerit Solutions, a provider of intelligent energy management and efficiency systems, recently announced that $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 will be used to accelerate the company's continuing growth into new industrial and commercial markets, solidify leadership in remote and on-site energy management, and continue product development efforts for key industrial vertical markets.
Powerit's Spara automated energy management system provides an intelligent facility-wide rules engine that leverages the flexibility of IP connectivity and the economy of wireless devices to address critical emerging issues such as smart grid management, real-time pricing, and automated demand response.
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."
Lou Schorsch, president and chief executive officer, 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."
The company's 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. In the United States, Powerit's products will help industrial customers address the regulatory and operational liabilities presented by the U.S. EPA's potential reclassification of carbon dioxide and other greenhouse gases as controlled pollutants under the Clean Air Act.
Powerit's proprietary predictive control software extracts energy and cost savings from the normal operation of equipment and processes in complex industrial and commercial environments without disrupting production output or facility comfort.