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Powerit Solutions receives USD6m in funding

Powerit Solutions, a provider of intelligent energy management and efficiency systems, has announced USD6m in new funding from Siemens Venture Capital and ArcelorMittal’s Clean Technolo

Powerit Solutions, a provider of intelligent energy management and efficiency systems, has announced USD6m in new funding from Siemens Venture Capital and ArcelorMittal’s Clean Technology Fund, as well as from existing investors @Ventures and Expansion Capital Partners.

The funding will be used to accelerate the company’s continuing growth into new industrial and commercial markets, solidify leadership in remote and on-site energy management, and continue product development efforts for key industrial vertical markets.

Powerit’s Spara automated energy management system provides an intelligent facility-wide rules engine which leverages the flexibility of IP connectivity and the economy of wireless devices to address critical emerging issues such as smart grid management, real-time pricing, and automated demand response.

Siemens Venture Capital is the central venture capital organisation within Siemens, which employed more than 430,000 people and had revenues in excess of USD100bn in 2008. SVC invests in early-stage and established growth technology companies that provide innovative and profitable additions to the Siemens global network.

Eric Emmons, investment partner at Siemens Venture Capital, says: "Globally, the industrial and manufacturing sector represents nearly one-third of all energy usage, so we see this as a key area in which to realize efficiencies. Powerit has a well-documented track record of achieving significant energy and cost savings within highly-complex industrial environments without interrupting production, and we see enormous potential for growth in the usage of this technology by major industrial companies worldwide."

ArcelorMittal is the world’s largest steel company, employing more than 300,000 employees and producing approximately ten per cent of world steel output. ArcelorMittal’s Clean Technology Fund invests in high-growth companies focused on commercializing clean energy technologies that reduce greenhouse gas emissions and have relevance for the steel industry and its customers.

Despite the general recessionary climate, Powerit says it is seeing dramatic growth in the global market for energy efficiency solutions.

"Two of the world’s largest and most respected companies have recognised the impact our Spara technology can have on the way that commercial and industrial facility operators will address power and data management. We are also pleased that our existing investors, @Ventures and Expansion Capital, continue to be excited by Powerit’s performance and market strength," says Claes Olsson, Powerit Solutions’ chief executive.

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