EnergySavvy has received funding from EnerTech Capital and El Dorado Investment Company, the investment arm of PinnacleWest Capital Corp. The round’s total funding is $8.25 million. Also, Dean Sciorillo of EnerTech Capital has been added to EnergySavvy’s board of directors. Based in Seattle and Cambridge, Mass., EnergySavvy is a provider of cloud solutions for the utility sector.
Seattle, Washington – July 1, 2014 – On the heels of a recent investment led by Prelude Ventures, EnergySavvy announces two additional institutional investors bringing the funding round total to $8.25 million. EnergySavvy adds EnerTech Capital, welcoming Dean Sciorillo to its board of directors. Joining the funding round is El Dorado Investment Company, the investment arm of PinnacleWest Capital Corp., the holding company of Arizona Public Service, an EnergySavvy customer since 2013.
The confluence of market forces and major proposed regulations like EPA’s Clean Power Plan have greatly increased the premium for utilities to deliver real and verifiable energy efficiency. With a rapidly growing customer base of electric and gas utilities as well as statewide energy efficiency programs, EnergySavvy is the only true enterprise cloud company built ground up for the utility demand-side management (DSM) industry.
“While VC funding is generally up, cleantech investment is still crawling out of a crater,” said Aaron Goldfeder, CEO and co-founder of EnergySavvy. “We’re delighted to be oversubscribed and to have had our choice among some terrific investors. As an industry, our task is to bring modern quantification of energy efficiency to core utility goals. We’re excited to serve our clients on that mission and with well-respected investors supporting the company, we’re in a better position than ever to do just that.”
EnerTech recently launched its fourth fund with $120 million that will focus on early to growth stage companies making energy more efficient, reliable and cost-effective. “We believe we are at a point now where energy efficiency and customer engagement are critically important for utilities as they plan for the future,” said Dean Sciorillo, Director at EnerTech Capital. “The team at EnergySavvy is enabling utilities to connect with and engage customers to make meaningful and appropriate energy improvements that result in successful programs that build lasting, trusted relationships. ”
EnergySavvy Adds Regulatory Affairs Team
In addition to scaling engineering and sales, EnergySavvy announces the formation of a regulatory affairs team to align technology and client needs with an increasingly complex regulatory environment. Jake Oster, former Deputy Chief of Staff and Legislative Director to U.S. Congressman Peter Welch (D-VT), becomes EnergySavvy’s Senior Director of Regulatory Affairs. David Markarian, former Vice President of Government Affairs at NextEra joins EnergySavvy as Senior Policy Advisor.
About EnerTech Capital
EnerTech Capital invests in companies that offer products or services that dramatically improve the profitability of producing or consuming energy. Founded in 1996, the firm has managed approximately $500 million and has delivered over 30 exits. EnerTech Capital is currently investing out of its fourth fund and has offices in Philadelphia, Toronto, Montreal and Calgary.
For more information, please visit: www.enertechcapital.com.
EnergySavvy is a leader in cloud-based software for the utility industry. Dedicated to making energy efficiency more controllable and transparent, EnergySavvy’s platform unlocks value by creating modern customer experiences and delivering predictability to the industry. The only true enterprise demand-side management software company, EnergySavvy sets the standard in client success, expertise and innovation. Utilities use EnergySavvy to reach one-third of American homes and businesses in more than 20 states. To learn more, visit www.energysavvy.com.