Energate Secures $7.2 Million Series B Funding

Thursday, 27 May 2010 22:23

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Energate has secured $7.2 million in Series B funding that will be used to increase sales growth and customer deployment initiatives and support Energate’s product development and strategic partnerships.

Energate provides demand response and home energy management solutions for utilities and their customers, such as its broadband-enabled and Smart Grid-interoperable Consumer Connected Demand Response solution that enables consumers to control their own personal requirements. Utilities are increasingly deploying demand response programs as a very cost effective way to reduce energy usage during peak periods.

The funding was led by Cycle Capital Fund I, L.P. , a Canadian venture capital company that focuses on Cleantech investments and the Ontario Emerging Technology Fund, a direct investment endowment established by the Province of Ontario in 2009 to subsidize innovative, high-growth, private Ontario companies.

Cycle Capital Management Inc. is a private fund manager based in Montreal that focuses its investments on companies developing and marketing clean technologies and renewable-energy projects that can benefit from opportunities created by the emergence of a low-carbon economy in North America.

Andrée-Lise Méthot, Cycle Capital founder and senior Partner says, “Energate’s market lead in smart thermostats and demand response, combined with their smart grid partnerships, gives us confidence that the company will deliver results and tremendous growth in this global market.”

Energate Chief Executive Officer Niraj Bhargava adds, “Energate`s leading technology suite now enables utilities to shift demand from our natural resources while empowering consumers to optimize their home comfort and manage costs. We look forward to working with our value-add investors and are pleased to have their support and confidence as a further validation of our business direction and growth.”

Founded in 2004, Energate is headquartered in Ottawa with offices in North Carolina, Toronto and California.