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CPower Secures More Than $10 Million in Series B Round of Financing
Latest Investment Signals Growing Confidence in CPower Success with Clients and Business Partners in Energy Management
NEW YORK, April 28 CPower (www.cpowered.com), a leading energy management firm, today announced the closing of its Series B round of financing. This $10.68 million investment was led by a new investor in the company, Mayfield Fund, as well as returning investors, including Bessemer Venture Partners, Expansion Capital Partners, Schneider Electric Ventures, New York City Investment Fund and Consensus Business Group.
The proceeds from this latest round will be used to accelerate business growth in new geographies and vertical markets, and fuel the continued technological innovation established in the company’s turnkey energy management solutions.
“We are honored to have the support of some of the most prestigious investment groups, including new investor Mayfield Fund,” said Gary Fromer, CEO, CPower. “Our ability to complete this investment in the current economic environment underscores the immediate and prospective value we and our business partner community are delivering together to our end-user customers and electricity providers, through market-based energy management programs like demand response and energy efficiency.”
“Demand response and energy efficiency are key drivers towards a more sustainable energy future,” said Navin Chaddha, Managing Director, Mayfield Fund. “We invested in CPower based on the increasing adoption of its energy management solutions with over 2,300 client sites, strong revenue growth, innovative customer service and partner friendly business model.”
Since its inception, CPower has become one of the largest energy management and demand response providers in North America and a thought leader in developing new energy reduction markets and opportunities for its clients and partners. The company offers a range of energy management programs including demand response capacity, reserves and regulation, energy efficiency, peak load management and white certificates. Recently, CPower expanded across North America into California, the Mid-Atlantic region, Texas and Ontario, and is positioned to pursue additional regions in the coming year. In addition, CPower has broadened its client base throughout the industrial, commercial, retail and institutional sectors with new client partnerships including Wal-Mart, Sears Holdings Corporation, Kmart, Marcal Manufacturing, LaFarge North America, Long Trail Brewing Co., National Envelope, Passaic Rubber, Ramapo College, Vitamin Shoppe, and Western Container.
CPower delivers targeted energy management services and solutions that enable companies to optimize their facilities and operations through strategic energy reduction initiatives, and earn market payments for those reductions. Through its advocacy for energy users, and partnerships with utilities and grid operators, CPower works to design and manage programs that maximize the rewards for energy reductions and provide reliable relief to grid operators. CPower works with clients across North America, including in the major energy markets of New England, New York, the Mid-Atlantic region, Texas, California and Ontario. The company’s clients range from medium to large energy users, and span the industrial, commercial, retail and institutional markets, including Stanley Tools, CB Richard Ellis, Cushman Wakefield, Sears Holdings Corporation, NYU Langone Medical Center, and the Massachusetts State Division of Capital Asset Management.