Energate Secures $7.2 Million Series B Funding

Energate a provider of demand response and home energy management solutions for utilities and their consumers, thas 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 led by Cycle Capital Fund I. New and existing investors participated in the round, as did the Ontario Capital Growth Corporation’s (OCGC) Ontario Emerging Technology Fund (OETF). 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.

The financing will enable Energate to continue to scale operations and strengthen its position in the growing Demand Response and Smart Grid market. 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 (CCDR) 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’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,” said Andrée-Lise Méthot, Founder and Senior Partner and Bernhardt Zeisig, Senior Partner with Cycle Capital. “We are impressed with the Energate team and what they have accomplished – the best is yet to come for this organization.”

Location: Canada, Ottowa, ON

Ref: F231109-469

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