Powerit Solutions has completed a new round of financing with a $5 million investment from five funds. Black Coral Capital, a fund focused on the cleantech sector, led the round as a new investor; the other four were existing investors from prior rounds.
Powerit Solutions is a Seattle-based international cleantech company that plugs energy-intensive businesses into the smart grid. Powerit’s Spara technology enables users to automatically increase energy efficiency, cut peak-rate usage, participate in demand response programs, and respond to dynamic pricing advantageously—without compromising quality, production, or comfort.
“Powerit Solutions’ Spara technology is a valuable tool for smart grid connectivity, as we see in their work with Auto-DR, for example,” says Rob Day of Black Coral Capital. “Unlike a lot of smart grid companies that just have good ideas, Powerit’s ideas have become products that are already producing real benefits from the smart grid—customers are reducing their electricity bills and increasing operational efficiency.”
“Powerit is an established leader in energy management, with active installations operating around the world,” Day continues. “And we think Spara’s flexible technology will integrate well with partner services and products. That will help build Powerit’s value.”
USA, Seattle, WA
Fusion Corporate Partners 