PROVIDENCE, RI, Leading supplier of voltage optimization products for the electric grid, has completed a round of financing led by Braemar Energy Ventures.
UtiliData, Inc., a leading supplier of voltage optimization products for the electric grid, has completed a round of financing led by Braemar Energy Ventures. The financing will accelerate the advancement and expansion of the company's AdaptiVolt Volt/VAR Optimization product, which allows utilities and large industrial companies to realize significant energy efficiency gains as well as improved reliability. The funding comes in the wake of the successful AdaptiVolt system performances in major utilities across North America, where it has demonstrated operational excellence, along with robust, measurable results.
In addition to the financing, Scott DePasquale, Partner at Braemar Energy Ventures, has joined the UtiliData board of directors as Chairman.
"We are extremely excited to welcome Braemar Energy Ventures to our team at UtiliData. With an established portfolio and network in energy efficiency and grid technology, coupled with their regulatory experience, their strategic partnership will be invaluable as UtiliData continues to bring scalable, world-class product to our large utility and industrial clients," said Ron Decker, CEO of UtiliData.
UtiliData has developed an approach which utilizes advanced signal processing techniques to control and optimize various devices on the distribution grid, which results in a low cost way to reduce power consumption and extend the life of equipment. The company's Volt/VAR Optimization is a subset of Smart Grid applications that are applied to the electric grid to improve efficiency. UtiliData's AdaptiVolt system uses advanced signal processing to extract the underlying behavior of the electric distribution grid and uses that information to make near-optimal control decisions of power regulation devices. By reducing line losses and delivering optimal voltage levels to all customers, the system can reduce energy usage and peak demand by up to 5%. In addition, the AdaptiVolt system optimizes control operations, improving reliability and reducing maintenance costs.
"The market has been telling us it needs smart grid solutions that are lower cost, less disruptive, and more economic while still accomplishing the objectives of reducing loses and strengthening the reliability of the aging infrastructure. UtiliData's platform allows for just that, with significant efficiency gains over traditional voltage optimization that make the business case much more impactful to the consumer, utility, and regulator," said Mr. DePasquale.
The company's headquarters will be located in Providence, RI, to take advantage of regional access to the technical talent required to further evolve UtiliData's product offerings around power systems and advanced distribution automation. The State of Rhode Island's Economic Development Corporation has also committed to financing the company's working capital needs during this growth phase.
UtiliData, Inc. is optimizing the delivery of electric energy through the application of advanced signal processing to the electric grid. Our AdaptiVolt Volt/VAR Optimization system allows electric utilities and energy intensive industries to reduce electricity demand, improve efficiency and increase reliability. UtiliData has been committed to providing world-class products to a wide range of satisfied clients in the electric automation industry for over 25 years. For more information, please visit www.utilidata.com
About Braemar Energy Ventures
Braemar Energy Ventures is a venture capital fund making early- to mid-stage investments in the energy technology sector. The firm's principals have invested in more than 50 companies in the sector and have significant technical, operational and financial experience in energy and energy-related industries. Through offices in New York and Boston, the firm targets a wide range of energy technologies that impact stationary power, transportation and portable energy applications. Additional information is available at www.braemarenergy.com.
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