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Print Edition StoriesTuesday, April 28, 2009
Bessemer helps bump $10.7M into CPower’s second round
By Efrain Viscarolasaga
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Energy management firm CPower Inc., with headquarters in New York and an operations center in North Adams, has landed a new, $10.7 million round of funding, led by a new investor in California-based Mayfield Fund.
Previous investors Bessemer Venture Partners of Wellesley Hills, Expansion Capital Partners of California, Schneider Electric Ventures of France, Consensus Business Group of Great Britain and New York City Investment Fund, also participated in the round.
The funding is CPower’s second round. The company landed $17 million in its Series A funding in 2007, when it was named ConsumerPowerline. The firm changed its name last September after the acquisition of Connecticut-based DemandDirect LLC for an undisclosed amount.
The new funding is expected to be used to “accelerate business growth in new geographies and vertical markets” and help continue the development of energy management and demand response technologies, according to a company statement.
CPower develops energy management systems and services, including demand response programs, aimed at helping companies optimize facilities and execute energy reduction initiatives, as well as earning payments for those programs. The company operates predominantly in the Northeast, but last September it also expanded its reach into California, the Mid-Atlantic region, Texas and Ontario, Canada.
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