Viridity Energy Raises Series B Financing to Support the Deployment of its Next-Generation Dynamic Demand Management Technology
January 10, 2011
For Immediate Release
Braemar Energy Ventures and Intel Capital Join as Investors
CONSHOHOCKEN, Pennsylvania (January 10, 2011) — Viridity Energy, a company leading the next generation of distributed energy resource management, announced its Series B funding led by Braemar Energy Ventures (“Braemar”) and joined by Intel Capital. The financing round will further accelerate the commercial growth of the company’s innovative, real-time dynamic demand management platform, allowing Viridity Energy to increase its market exposure and further develop channel relationships. In addition, Braemar’s Scott DePasquale will join Viridity Energy’s board of directors.
Viridity Energy is paving the way for a new generation of demand response through its innovative distributed demand management software system and services, which transform large energy consumers into 24/7 virtual power plants. The company works with large institutions such as college campuses, federal and municipal complexes, military bases, transit systems, industrial companies and hospitals to optimize their portfolios of buildings and energy investments by creating unified power assets. These power assets are then sold in real-time into the wholesale energy market, allowing facility operators to maximize the monetization of their building and energy investments. By using resources more efficiently and controlling their energy load, large energy consumers become active participants in reducing energy consumption, optimizing energy resources and balancing the electric grid.
“Braemar is excited to be part of such a promising technology,” said Scott DePasquale, partner at Braemar Energy Ventures. “Viridity Energy’s next generation of demand response technology is beneficial on many levels: cutting the energy costs of large facilities by allowing owners to better monetize their energy load in ways that have not before been possible, while supplying unused energy back into the grid. Viridity Energy’s unique, real-time software represents a vibrant addition to the industry.”
Braemar Energy Ventures has a strong record of successful energy efficiency and grid optimization investments. The firm was an early investor in demand response company EnerNOC (NASDAQ: ENOC), which completed a successful initial public offering in May 2007. It also invested in high-power lithium ion battery supplier A123 Systems (NASDAQ: AONE) whose initial public offering was the largest of 2009. Braemar and Intel Capital are currently investors in Grid Net, a provider of real-time Smart Grid and Smart Home software platforms to utilities, partners and customers.
“Viridity Energy’s technology aligns very well with Intel’s vision of smart energy management based on dynamic, real time optimization of multiple sources of information,” said Steve Eichenlaub, Managing Director, Intel Capital. “We see Viridity Energy as a key player in advancing the concept of intelligent energy management and are pleased to become an investor at this stage in their growth.”
About Viridity Energy
Viridity Energy is paving the way for a new generation of demand response through its innovative demand-side management solutions. Viridity Energy provides large energy consumers with intelligent tools to reduce their energy spend by increasing energy supply cost savings and/or creating energy revenues through its unique and flexible VPower™ platform. VPower™ enables customers to reduce overall energy spend by dynamically managing energy load and integrating advanced energy technologies. Headquartered in Philadelphia, Pennsylvania, Viridity Energy was founded in 2008 by former executives of PJM Interconnection. For more information, visit www.viridityenergy.com.
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- Janeen Lawlor
About Braemar Energy Ventures
Founded in 2003, Braemar Energy Ventures is a leading venture capital firm focused on transformative energy-tech and related companies contributing to global sustainability and combating climate change. Using sector expertise and experience, Braemar aims to be an engaged partner with its portfolio companies to best help them navigate the path to significant global impact. For more information, visit braemarenergy.com or follow @BraemarEnergy on Twitter.