Ottawa, May 27, 2010 – Energate has secured $7.2 million in Series B funding. The funding will be used to drive sales growth and customer deployment initiatives while supporting the company’s ongoing product development efforts and strategic partnerships.
The investment was co-led by Cycle Capital Fund I, L.P., a pioneer among Canadian venture capital funds focused on Cleantech opportunities. New and existing investors participated in the round, as did the Ontario Capital Growth Corp.’s Ontario Emerging Technology Fund.
OETF is a direct investment fund established by the Province of Ontario in 2009 to invest alongside qualified co-Investors into innovative, high-growth, private Ontario companies.
Energate has propelled itself to the forefront of this area by developing solutions such as its broadband-enabled and smart grid-interoperable Consumer Connected Demand Response solution set that is utility-focused yet allows consumers to control their own personal requirements.
Utilities are deploying demand response programs to curb energy usage, especially during peak periods. Managing peak demand is proven to be significantly more cost effective than building new power plants, and those savings benefit utilities, governments, consumers and the environment.
Energate is a provider of home energy management solutions including software, wireless communications, gateways, smart thermostats, switches and consumer energy displays. The Consumer Connected Demand Response solution allows utilities to immediately address residential energy demand and empowers consumers to more effectively manage their energy use.