ConsumerPowerline, a New York-based energy management company, said today it has raised $17 million in Series A funding led by Expansion Capital Partners, with additional investment by Bessemer Venture Partners, Schneider Electric Ventures, the New York City Investment Fund, and Vantania Holdings.
Following a year of successful IPOs for competitors EnerNOC (ENOC) and Comverge (COMV), it may seem like in raising its first round, ConsumerPowerline is late to the game. But ConsumerPowerline is no newcomer to the energy management space. Founded in 2000, they’ve simply managed to survive, until now, on $350,000 in angel funding and revenues.
Like EnerNOC and Comverge, ConsumerPowerline develops demand response programs and technology for building owners and operators. Demand response technology makes it possible to limit unnecessary power usage in a building when demand on the grid exceeds the supply of available electricity. Grid operators can buy these “negawatts,” or watts that don’t have to be produced, as an alternative to using expensive peaker plants to produce more power and avoid blackouts.
ConsumerPowerline manages 750 megawatts of power. In comparison, EnerNOC is also managing about 750 megawatts, and Comverge, with its recent acquisition of Enerwise, manages about 1460 megawatts. While ConsumerPowerline hasn’t made any acquisition announcements yet, a spokesman for the company told us that the company is “going to be very aggressive for reviewing opportunities in the marketplace.”