EcoFactor Secures $3.5 Million in Additional Financing Led by RockPort Capital Partners; Funds Targeted At Accelerated Expansion for Energy Management Company
SAN CARLOS, CA – April 6, 2010 – Today EcoFactor, the premier automated residential energy management software solution, announced the closing of a $3.5 million financing led by RockPort Capital Partners. This investment follows the recent $2.4 million financing led by Claremont Creek Ventures in December 2009. Claremont Creek Ventures increased its investment in EcoFactor as part of the second closing. The Series A round will help EcoFactor execute on commercial deployments of its residential energy management service. EcoFactor is currently deploying its award-winning energy management service in several markets through a variety of major channel partners.
Since the company’s inception in 2006, EcoFactor has differentiated itself from other energy management offerings through its emphasis on delivering compelling consumer value. The ability to provide tangible consumer benefits while driving channel partner value helped EcoFactor win the grand prize in the 2009 Cleantech Open national business competition, the largest of its kind. The proven savings delivered by the patent-pending EcoFactor technology, combined with the company’s initial commercial success, generated strong interest from investors.
“RockPort has been actively evaluating energy management and smart grid companies for more than five years, but we hadn’t found a team which had solved the puzzle,” said Abe Yokell, Principal at RockPort Capital Partners, a leading clean tech investor. “EcoFactor’s solution delivers tremendous consumer value at low cost while providing opportunities for channel partners to tap into lucrative new income streams. We think EcoFactor will revolutionize residential and small commercial energy management.”
“EcoFactor has always focused on saving homeowners hundreds of dollars a year, automatically, without sacrificing comfort, control or convenience. We’ve spent years developing personalized, active energy management that drives both consumer adoption and smart grid effectiveness,” said John Steinberg, EcoFactor CEO. “The fact that we actually raised more than we were originally seeking, and were able to bring on clean tech leaders like RockPort and Claremont Creek, really validates that approach.”
“Claremont Creek Ventures is absolutely confident in our support of EcoFactor. Having another leading clean tech VC firm like RockPort come to the same conclusion – that EcoFactor is well ahead of the rest when it comes to offering a complete energy efficiency solution for consumers – only further validates that decision,” said Nat Goldhaber, Managing Director, Claremont Creek Ventures.
EcoFactor offers a personalized energy management service, providing tangible benefits to both consumers and channel partners in residential and consumer services. For consumers, EcoFactor’s solution offers an estimated 20 to 30 percent reduction in HVAC energy usage. Given that more than 50 percent of the average energy bill for American homes goes to space heating and cooling costs, the result is significant overall savings. In addition, EcoFactor provides cost-effective and self-validating demand response and load forecasting to utilities and energy retailers.
About RockPort Capital Partners
RockPort Capital Partners (www.rockportcap.com) is a leading venture capital firm partnering
with clean tech entrepreneurs around the world to build innovative companies and bring
disruptive technologies and products to the 21st century. Combining domain expertise with policy and international experience, RockPort has a proven track record of leveraging its insights and networks to foster growth and create value in partnership with management teams.
About Claremont Creek Ventures
Claremont Creek Ventures (www.claremontvc.com) is a venture capital firm based in Oakland, California with a $130M first fund and a $175M second fund. Founded in 2005 by Managing Directors Nat Goldhaber, Randy Hawks and John Steuart, Claremont Creek is the premier funding source for early stage technology opportunities in the East Bay, San Francisco, Silicon Valley and beyond. The firm works closely with local institutions such as UC Berkeley, UC Davis, and the Lawrence Livermore and Berkeley Laboratories to help inventors and entrepreneurs turn great ideas into great products and companies. For more information, please visit www.claremontvc.com.
EcoFactor provides personalized solutions for managing residential energy use for heating, ventilation and air conditioning (HVAC). Its SaaS platform receives, analyzes and acts upon thousands of data points relating to a home’s HVAC needs and preferences to help utilities improve demand management, and enable consumers to lower energy costs and save money on utility bills without sacrificing comfort or giving up control. EcoFactor is working with leading energy and home service providers to maximize energy efficiency programs. Based in San Carlos, CA, EcoFactor was founded in 2006 to provide an effective alternative to one-size-fits-all residential energy management solutions. More information can be found online at www.ecofactor.com.
Amy Neal or Lindsey Scott