EcoFactor has closed USD10 million in its Series B financing round with NRG Energy as a new investor joining Claremont Creek Ventures, RockPort Capital Partners, and Aster Capital.
The investment will go towards the development of new services, enhancing EcoFactor's award-winning home energy service, and expanding its engineering and sales staff.
According to the latest Home Energy Management Systems report by Greentech Media (GTM) Research, the 2013 market is valued at USD1.5 billion annually with significant growth expected in the coming years from both the utility and non-utility solutions sectors to more than USD4 billion by 2017. The report also identified EcoFactor as a top player in both markets providing high intelligence and automation to energy efficiency and demand response programs.
A range of utilities and cable companies in the US are working with EcoFactor, most notably NV Energy and Comcast. In late 2012, NV Energy began mass deployment of EcoFactor's integrated demand response and energy efficiency service under the mPowered program, which achieved as much as 3KW load shed per home and double digit HVAC energy savings. EcoFactor's energy efficiency service is also part of the Xfinity Home platform by Comcast. The EcoFactor service is available to Xfinity Home customers nationwide under the name EcoSaver which launched earlier this year.
"We're honoured to have the support coming from previous investors and NRG, and proud of the progress EcoFactor has made over the last two years," says EcoFactor CEO Roy Johnson. "We've hit several key milestones in our company's growth, particularly deploying scalable demand response and energy efficiency services to several large partners. We anticipate a number of new partner and product announcements in the coming months."
