Company: FirstFuel Software
Global energy company E.ON SE enters as key investor in Series B Round
Lexington, Mass. – Dec. 10, 2013 – FirstFuel Software, the trusted source of energy use intelligence, announced today it has secured $8.5 million in Series B financing from new and existing investors, including E.ON SE, one of the world’s largest investor-owned utilities. Existing investors Battery Ventures, Rockport Capital and Nth Power also participated in the financing round.
The investment comes on the heels of several significant milestones for the utility SaaS analytics company, whose customer list now includes several of the largest North American utilities. FirstFuel also recently announced exceptional results in expanded deployments with the U.S. General Services Administration and the Washington D.C. Department of General Services. The new funding will support FirstFuel’s rapid, continued expansion in North America, and now globally, as well as further accelerate development of its Remote Building Analytics (RBA) platform, which leverages deep data analytics to drive scalable efficiency in commercial buildings.
“E.ON’s investment in FirstFuel underlines the industry’s broader need to better support commercial customers in managing energy use. More and more, success in our energy business requires technology that drives greater customer engagement and value-added services at mass scale,” said Urban Keussen, senior vice president for technology & innovation at E.ON SE. “FirstFuel has emerged as an industry-defining information source that enables utilities, governments and property owners to deliver meaningful and persistent demand-side management outcomes under cost and time constraints. We are very excited to work with FirstFuel as both an investor and a partner for the future.”
“We believe FirstFuel represents the future of utility SaaS analytics” said Tom Crotty from Battery Ventures. “The demand for FirstFuel speaks to the company’s vision and understanding of how Utilities want to leverage meter data to achieve customer engagement and efficiency goals.
This announcement signals a new stage of significant expansion for FirstFuel. The company has helped its utility and government customers deliver key energy efficiency services at 5-10x lower costs and faster speeds, scaled across thousands of buildings. FirstFuel customers utilize the platform’s fully-integrated remote energy analytics and services, including portfolio efficiency screening, customer engagement, energy audits and performance monitoring and verification. Through November 2013, FirstFuel’s RBA platform has analyzed over 700 million square feet of total commercial building space.
“Standardized and reliable performance information has been critical to unlocking markets in almost every other sector, and the commercial energy sector should be no exception,” said FirstFuel CEO Swapnil Shah. “While billions of dollars are being spent in commercial efficiency each year, the industry still lacks quality information about use, opportunity and performance. With this funding, we are positioned to aggressively pursue our growth goals and establish a new standard for energy information in buildings around the world.”
FirstFuel Software is the trusted source for energy use intelligence. FirstFuel helps customers deliver scalable energy efficiency through the Remote Building Analytics platform, which uses advanced meter data analytics to identify, enable, and track energy efficiency savings behind the meter in commercial buildings – all without onsite visits or device installations. Designed to be rapidly and cost-effectively deployed across hundreds or thousands of commercial buildings, FirstFuel changes the scale at which the sector can achieve its energy efficiency goals. Founded in 2009 and privately held, FirstFuel is headquartered in Lexington, Mass. For more information, please visit www.firstfuel.com.