UtiliData Secures Venture Funding to Support Roll Out of Its Next Generation Voltage Optimization Platform
February 13, 2012
For Immediate Release
PROVIDENCE, RI (February 13, 2012) – UtiliData, Inc., a leading supplier of voltage optimization products for the electric grid, has completed a round of financing led by Braemar Energy Ventures. The financing will accelerate the advancement and expansion of the company’s AdaptiVolt™ Volt/VAR Optimization product, which allows utilities and large industrial companies to realize significant energy efficiency gains as well as improved reliability. The funding comes in the wake of the successful AdaptiVolt™ system performances in major utilities across North America, where it has demonstrated operational excellence, along with robust, measurable results.
In addition to the financing, Scott DePasquale, Partner at Braemar Energy Ventures, has joined the UtiliData board of directors as Chairman.
“We are extremely excited to welcome Braemar Energy Ventures to our team at UtiliData. With an established portfolio and network in energy efficiency and grid technology, coupled with their regulatory experience, their strategic partnership will be invaluable as UtiliData continues to bring scalable, world-class product to our large utility and industrial clients,” said Ron Decker, CEO of UtiliData.
UtiliData has developed an approach which utilizes advanced signal processing techniques to control and optimize various devices on the distribution grid, which results in a low cost way to reduce power consumption and extend the life of equipment. The company’s Volt/VAR Optimization is a subset of Smart Grid applications that are applied to the electric grid to improve efficiency. UtiliData’s AdaptiVolt™ system uses advanced signal processing to extract the underlying behavior of the electric distribution grid and uses that information to make near-optimal control decisions of power regulation devices. By reducing line losses and delivering optimal voltage levels to all customers, the system can reduce energy usage and peak demand by up to 5%. In addition, the AdaptiVolt™ system optimizes control operations, improving reliability and reducing maintenance costs.
“The market has been telling us it needs smart grid solutions that are lower cost, less disruptive, and more economic while still accomplishing the objectives of reducing loses and strengthening the reliability of the aging infrastructure. UtiliData’s platform allows for just that, with significant efficiency gains over traditional voltage optimization that make the business case much more impactful to the consumer, utility, and regulator,” said Mr. DePasquale.
The company’s headquarters will be located in Providence, RI, to take advantage of regional access to the technical talent required to further evolve UtiliData’s product offerings around power systems and advanced distribution automation. The State of Rhode Island’s Economic Development Corporation has also committed to financing the company’s working capital needs during this growth phase.
Headquartered in Providence, RI, where it has built a world-class production, research and development facility, Utilidata®, Inc. is a technology innovator that is modernizing the distribution grid by leveraging advanced digital signal processing techniques to extract better information from voltage data and enable real-time solutions for intelligent voltage control while providing a steady stream of insightful grid asset data to operators.
The company’s AdaptiVolt™ Volt/VAR Optimization (VVO) Solution for utilities and large energy users has redefined voltage control by feeding more intelligent data into its patented elastic decision making process. As a result, AdaptiVolt™ delivers 25–50% greater voltage reduction than its competitors, is proven to decrease tap change equipment operations by 30% over traditional model-based approaches and is the only real-time solution that can mitigate against the intermittent operational effects of distributed generation. The solution optimizes energy efficiency and creates reliable energy savings for customers — without any required change in consumer behavior.
For more information, please visit www.utilidata.com.
About Braemar Energy Ventures
Braemar Energy Ventures is a venture capital fund making early- to mid-stage investments in the energy technology sector. The firm's principals have invested in more than 60 companies in the sector and have more than 100 years of combined technical, operational and financial experience in energy and energy-related industries. Braemar partners with exceptional companies and management teams, in both alternative and traditional energy markets, that can contribute to a more profitable and efficient energy landscape through innovation and marketplace expertise. Additional information is available at BraemarEnergy.com or on Twitter at twitter.com/braemarenergy or @BraemarEnergy.
For more information
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- Prosek Partners
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