Power Assure, Inc. has announced that Dominion Energy Technologies, Inc., an affiliate of Dominion Resources has invested $1 million in the company, joining ABB Technology Ventures, Good Energies, Point Judith Capital, and Draper Fisher Jurvetson as investors in Power Assure. With this investment, Power Assure has raised $14.5 million in its series B financing, bringing total funds raised to $29.75 million.
Dominion is a leader in building and expanding smart grid solutions that bring efficiency to the power grid. Data centers provide an excellent fit for smart grid integration because of their high power density, the amount of excess power available in most data centers, except during rare periods of high demand, and the inherent ability of many applications to have the location of their computing switched around the country without impacting the end user.
“Power Assure provides advanced functionality in managing data center loads,” said Mary C. Doswell, senior vice president of Dominion’s Alternative Energy Solutions group. “The ability to manage energy consumption by either shifting demand between geographic regions or reducing demand locally creates opportunities for energy companies to manage load and provide value to customers.”
“Not only is Dominion one of the largest power companies in the country, they are also leading in the area of smart grid innovation,” said Brad Wurtz, president and CEO, Power Assure. “In order to help our customers connect to the smart grid and take advantage of the many revenue-generating services offered by the Independent System Operator’s (ISO’s), we have found a partner who can bring the skills and resources needed to execute quickly. Dominion has shown a determination to stay on the cutting edge.”
This investment will be combined with other series B financing to expand Power Assure’s sales and marketing for continued growth as the leader in data center infrastructure and energy management solutions. It will also be used to increase engineering investments in the area of smart-grid integration for data centers.
Power Assure Receives Strategic Investment from Dominion Resources
November 29, 2011