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W. Marc Bernsau
Wednesday, December 2, 2009
The Pitch
EnerTrac sensors automatically monitor home heating oil
By Brendan Lynch
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MHT's Efrain Viscarolasaga: Preparing the smart grid for more power
EnerTrac Inc. wants to use its sensors and software-as-a-service platform to keep home-heating oil tanks full this winter, and save oil distributors 30 percent to 40 percent on delivery costs in the process.
Hudson, N.H.-based EnerTrac uses dielectric sensing technology to let home-heating oil distributors monitor the amount of oil in a tank. The sensors send information to a software-as-a-service interface that business owners can use to make their delivery methods more efficient.
EnerTrac vice president of business development Patrick Mansfield said that despite that huge potential market tank monitoring had been limited until recently. Monitoring technology was prohibitively expensive. Oil distributors have been using sensors in about 0.5 percent of their tanks, leading distributors to use them strategically. “It was only the most important customers, or the ones in the middle of nowhere,” he said.
Founded in 2006, EnerTrac is pursuing a “chicken in every pot” strategy, Mansfield said. EnerTrac is focusing on the SaaS model as its main source of revenue, rather than the hardware sales. The company has developed a sensor cheap enough that a business owner could put one in every tank. The company charges $30 upfront and $3 per month per tank.
The company is looking for $1 million in funding to expand its business. It has 700 sensors installed in tanks now, up from 175 in September. The company plans to use any funding to grow its business to serve middle-range customers: oil distributors that deliver to 5,000 to 15,000 tanks. Serving that market reliably could convince large-scale distributors that EnerTrac’s technology could save them money, Mansfield said.
EnerTrac is among a few startups operating in the home-heating space, including Clickfil LLC, Fuelstart.com of Dudley, LowerMyHeat LLC and Ordermyoil.com. Mansfield said the industry is ripe for innovation, especially as companies grow or change ownership, whether by sale or a new generation of a family-owned business taking over.
Headquarters: Hudson, N.H.
Web: www.enertrac.com
Email: patrick.mansfield@enertrac.com
Founded: 2006
Employees: 15
The Pitch: EnerTrac is seeking $1 million in funding to ramp up its business.
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