Tuesday, November 1, 2011

Energy management firm Powerhouse Dynamics raises $3M

By Kyle Alspach, Boston Business Journal

Targeting restaurants and convenience stores with its energy use monitor, Powerhouse Dynamics Inc. said Tuesday it has raised $3 million in a Series A venture capital round to fuel further expansion in the commercial sector.

The Newton-based company launched its energy use monitor for sale in the commercial sector in September.

The company had previously been funded by $1 million from backers including CommonAngels of Lexington.  Powerhouse said existing investors took part in the Series A round, which was led by Ireland-based SOSventures.

Powerhouse began installing its product, the eMonitor, in homes in 2009. The system tracks energy use by various home outlets and appliances, and aims to help homeowners understand what excessive use costs them.

Powerhouse CEO Martin Flusberg said in September that the company had begun installing the eMonitor C-Series in commercial locations including restaurants and convenience stores.

Flusberg said residential customers have saved as much as 25 percent on their energy bills over the course of a year, and that some small commercial facilities can recoup the $2,000 to $4,000 cost of an eMonitor in less than a year.