PITTSBURGH, Pa., February 12, 2007 – BPL Global Ltd., a provider of “smart grid” technologies and broadband services over power lines (BPL), announced today the close of its Series C financing round with aggregate investments of $26 million including $5 million from Morgan Stanley. The company plans to use the funds to accelerate development of its technology, establish strategic partnerships and market its offerings to utilities and Internet service providers (ISPs) that would benefit from smart grid and BPL solutions.
Smart Grid applications combine the use of software, communications and sensors to provide solutions that address some of the most complex challenges facing the electric utility industry — improved grid reliability, more efficient use of electricity, lower environmental impact and increased operational efficiency and work force management.
“We’re pleased to have the strong support of our investors. They have shown significant interest in the strength of our product line and our relevance to the utility community, both from an energy efficiency, grid reliability and power line communications standpoint,” said Keith Schaefer, CEO of BPL Global. “Our recent expansions into Latin America and Europe, the addition of several key management team members, the formation of several strategic partnerships and the closing of this Series C round are all strategic moves by BPL Global in recent months to construct a framework for ongoing success.”
BPL Global forms joint ventures with electric utilities and ISPs, providing smart grid solutions for heightened reliability and efficiency of utility power grids and enabling data, voice and ultimately video broadband services over power lines for multi-occupancy buildings, businesses, government agencies and consumers. The company’s integrated platform of applications includes demand and load management; outage management; grid monitoring and device control; as well as energy theft prevention.