NEW YORK, Feb. 8 /PRNewswire/ -- CPower, a leading energy management and demand response firm, announced unprecedented growth during 2009, with an expanded roster of clients, two rounds of funding and award-winning smart grid innovations. In addition, CPower has doubled its number of megawatts (MW) under management from the end of 2008.
"2009 was a paramount year as CPower and our business partners helped enable more clients to achieve their energy reduction objectives," said CPower CEO Gary Fromer. "With strong momentum from our wide ecosystem of committed clients and business partners, and continuing confirmation of the high return to taxpayers and ratepayers on investments in energy reductions associated with smart grid initiatives, we have good reason for our optimism on increased end-user participation in more expansive CPower programs."
New Clients
Client wins and expanded participation in utility programs helped contribute to CPower's momentum in 2009. The company announced a number of new clients from across North America and from a variety of industries. Examples include Spartech, an innovative plastics manufacturer; Lafarge, a diversified supplier of construction materials; the Middlesex Regional Educational Services Commission, a provider of educational services and programs to more than 20 New Jersey schools; the Division of Capital Asset Management, the state agency responsible for major public buildings across Massachusetts; and Exel Logistics, the North American leader in supply chain management and a Deutsche Post DHL company. In 2009, CPower clients participated in 49 demand response events called by independent system operators with an average aggregate performance of 103 percent.
Expanded Partner Network
CPower continued to build upon its partner-driven business model and now has an active network of over 100 partners throughout North America. CPower's partners leverage energy reduction programs to expand the value they deliver to their clients and to garner incremental streams of revenue for energy reductions. CPower's partner network accounted for 65 percent of new MWs enrolled by CPower in 2009.
New Utility Contracts
In addition to strengthening its client portfolio and partner network, CPower also entered into contracts with three major Maryland Utilities to provide demand response capacity in times of peak energy demand for the 2011? 2016 time period. These new contracts add to CPower's existing utility contracts including Southern California Edison, Ontario Power Authority, Central Vermont Public Service and Pacific Gas & Electric.
Funding
Investment companies took note of CPower in 2009, as the company received $10.68 million in a Series B round of financing led by 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. In July, CPower received additional funding from Intel Capital's Open Energy Initiative investment arm. The funding from these sources will be directed toward future business growth opportunities and will help fuel the continued technological innovation established in the company's turn-key energy management solutions.
Industry Recognition
This past November, CPower was honored at GreenBeat 2009 as the winner of the GreenBeat 2009 Innovation Competition for its critical role in ensuring electricity consumers, utility providers and energy efficiency product and services vendors are able to realize the full value of their investments in Smart Grid infrastructure and technology. In addition, CPower earned its spot as a Global Cleantech 100 company by Guardian News and Media and Cleantech Group? and was highlighted as one most promising private clean technology companies around the world.
About CPower
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, Spartech, Cushman Wakefield, Sears Holdings Corporation, and the Massachusetts State Division of Capital Asset Management.
CONTACT: Maureen Shaw, +1-646-747-7155, mshaw@kwitco.com
SOURCE CPower
