New York, NY, U.S.A. — (METERING.COM) — September 28, 2007 – ConsumerPowerline, a strategic energy asset management firm whose marketplace innovations have produced millions in energy savings for its large industrial, commercial and residential customers, has announced the completion of its $17 million Series A Preferred Financing. The round was led by Expansion Capital Partners, LLC, a leading Clean Technology venture capital firm, 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.
The company continues its record as a pioneer in the creation of the demand response industry. ConsumerPowerline created the first ‘aligned incentive’ model, in which the firm shares in the incremental savings or revenues it generates for clients.
Using a web-based technology platform and an integrated national approach, ConsumerPowerline has become a trusted energy management partner, helping 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.
ConsumerPowerline’s President Mike Gordon said: “The significant investment provided by Expansion Capital Partners and Bessemer Venture Partners, along with our other value-add investors, will allow ConsumerPowerline to grow our team, enhance our products and services and expand our national presence. With this venture funding, ConsumerPowerline will be able to bring attractive and lucrative efficiency products and services to a much wider range of customers.”
Diana Propper, partner of Expansion Capital Partners stated, “We are excited to be backing ConsumerPowerline’s team. Energy efficiency and demand management have large and expanding markets. The company is strongly positioned in these markets, delivering measurable energy savings to its customers. The US has pressing needs to upgrade the reliability of the power grid and to reduce greenhouse gases – ConsumerPowerline delivers solutions to both.”
Gordon concluded: “Since our founding, ConsumerPowerline has been committed to building the best platform for our products and services. 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.”