Pittsburgh, PA, U.S.A. — (METERING.COM) — August 7, 2008 – Smart grid technology company BPL Global, Ltd. has received $23 million in funding, consisting of growth capital, bank financing and acquisition financing. Existing investors, IFA Group, Novitas Capital, El Dorado, and Morgan Stanley provided funding, as well as Cross Atlantic Capital Partners, a new investor.
BPL Global intends to raise additional equity through private placements from select strategic investors in the third and fourth quarters of 2008. The financing raised will be used to accelerate product development, support corporate development and increase sales and business development teams globally.
"We expect, and are on track, to exit this year as a profitable company with positive cash flow and a strong international business base," said Keith Schaefer, CEO of BPL Global.
BPL Global continues to secure projects and establish partnerships in both North America and internationally. Recently, BPL Global collaborated with Jersey Central Power and Light (JCP&L), a subsidiary of FirstEnergy Corporation, to deploy an integrated distributed energy resource (DER) management system to demonstrate energy efficiency and reliability as well as customer satisfaction in JCP&L’s service area. The company has established partnerships in the Ukraine to deploy smart grid and BPL communications solutions. BPL Global has also formed a partnership with BPL Africa to expand smart grid and communications projects in Ghana while pursuing projects in other African countries. In addition, the company recently started an electrical distribution network fault location project in Thailand and is developing a similar fault location project in Venezuela.