Initial Investors, Led by Enertech Capital, Return to Fund Additional Growth
Kennett Square, PA — May 6, 2003 — Enerwise Global Technologies, the spin-off of Conectiv Power that has emerged as a leader in the enterprise energy and asset management field, announced today that it recently closed its Series B funding. Previous investors EnerTech Capital, Hydro-Quebec CapiTech and Exelon Capital Partners all participated in the financing.
The funding will be used for Enerwise's working capital needs, plus specific projects aimed at continued business growth. EnerTech Capital was the lead investor for both this and Enerwise's first round of funding two years ago.
"This new round of funding is a ringing endorsement from our investors, all of whom were initial investors and have returned for this round," said Greg Driscoll, president and CEO of Enerwise. "It is particularly gratifying to generate this level of support in the current economic environment. This funding, combined with the fact that both Hydro-Quebec and Exelon are important customers of our services, are a validation of our business model and the need it fills in the marketplace."
"We are delighted with the recent funding for Enerwise and the cooperation and commitment of the Series A investors toward the continued growth and success of the Company," said Scott B. Ungerer, Managing Director of EnerTech Capital. "In a difficult venture market, Enerwise continues to demonstrate its financial and strategic attractiveness to players interested in the energy and non-IT asset management space. Greg and the team are doing an excellent job, and we are excited about Enerwise's prospects for the future."
Enerwise helps commercial and industrial enterprises reduce their energy costs, use energy more efficiently, and enhance return-on-assets by providing them with a range of technological products and services. Through Enerwise's automated and remote monitoring and analysis of asset and energy usage data, companies can obtain a thorough understanding of their asset and energy use and apply that information to develop and implement better asset management strategies. Enerwise customers typically see cost reductions of five to 20 percent in their energy spend alone.
After being spun off from Conectiv two years ago, Enerwise secured initial venture funding in April 2001. In December 2001, Enerwise acquired a competitor, Datapault LP, which allowed the company to broaden its customer base. Enerwise's domestic and international C&I customers include more than 100 of the Fortune 500. The company particularly targets supermarkets, retail establishments, colleges and universities, commercial office buildings and utilities. The company has posted increased revenues every year of operation.
The firm is headquartered in Kennett Square, Pa., a suburb of Philadelphia. Its web site is www.enerwise.com.