ATLANTA, GA – March 19, 2007 – Prenova, Inc., one of the nation’s largest independent energy management solutions providers, announced today it received $3 million in venture capital funding from Siemens Venture Capital to support Prenova’s continued market growth, fueled by interest in its patent-pending technology delivery platform. This investment furthers Siemens Venture Capital’s goal to identify and fund investments in emerging and innovative technologies that will enhance the core business scope of Siemens.
“Prenova has an unmatched technology capability to manage remotely the complex enterprise-wide energy-based assets and systems for businesses,” said Todd Jaquez-Fissori, General Partner at Siemens Venture Capital. “This unique capability will help them deliver their solutions to more customers in retail, telecommunications, restaurant, commercial, and manufacturing business sectors to drive down and manage total end-to-end energy costs. Prenova serves highly referenceable, blue-chip customers who have realized significant returns on investment through their relationship with Prenova. We are confident that Prenova's solution set and experienced management team ideally position the company in a market where customers are increasingly focused on reducing and managing their energy-related expenses."
“Businesses are faced with higher peak energy costs (price, usage, asset repair/replacement costs, and maintenance) every year,” said Ed Smith, CEO of Prenova. “Customers are demanding innovative energy solutions that can produce significant returns at a fraction of conventional costs and timeframes. Our customers utilize Prenova’s solutions to fully leverage their existing energy assets, manage their energy risks and remove every possible dollar out of their energy-related operating costs. Results are dramatic, rapid, measurable and sustainable, allowing our customers to turn these cost reductions into improved earnings performance. This additional capital will enable Prenova to extend our leadership position with this non-replicable technology and greatly enhance our ability to deliver high-value energy management solutions to an even broader array of businesses. We appreciate this investment of Siemens Venture Capital, a leader in funding emerging innovative technologies.”
About Prenova
Launched in 2003 and headquartered in Marietta, GA, Prenova, Inc. delivers visibility, manageability and predictability over customers’ total cost of energy ownership (e.g. energy price, usage, energy-related asset performance and maintenance costs). The company works both the demand and supply side of the energy bill to drive down energy costs to improve profitability, while ensuring essential business operations are in compliance with corporate guidelines. Prenova manages billions of dollars in annual energy expenditures across hundreds of thousands of customer locations nationwide. The company’s full suite of energy solutions consistently deliver a conservative 10% to 15% overall reduction in a customer’s total cost of energy. Its unique, proven delivery platform enables the company to leverage existing customer energy assets to produce immediate, enhanced investment returns through reductions in both direct (price paid and usage) and indirect (asset repair/replacement, maintenance) energy costs, while simultaneously improving reliability of business operations. The fundamental customer deliverable of Prenova’s solution set is a measurably reduced operating cost per square foot.
Some of the businesses that rely on Prenova for its energy management solutions include Crate & Barrel, Dollar Tree, Dunham’s Sports, Eddie Bauer, Famous Footwear, Food Concepts, Home Depot, Owens Corning, Printpack, Quiznos, Seneca Foods, U.S. Cellular, Verizon and 24 Hour Fitness.
For more information, please visit www.prenova.com.
About Siemens Venture Capital:
Siemens Venture Capital (SVC) is the 700 million euro corporate venture organization for Siemens AG, one of the largest global electronics and engineering companies, with reported worldwide sales of 87.3 billion euros in fiscal 2006. SVC’s goal is to identify and fund investments in emerging and innovative technologies that will enhance the core business scope of Siemens, particularly in automation and control, medical solutions, information and communications, power, automotive technology and transportation systems, and lighting.
To date, SVC has invested some 700 million euros in well over 100 startup companies and 30 venture capital funds, mainly in the U.S., Europe and Israel, thus playing a key role in the global network of innovation. SVC is located in Germany (Munich), in the U.S. (San José, CA and Boston, MA), in China (Beijing and Shanghai), in India (Mumbai and Bangalore), and is active through Siemens´ regional unit in Israel.
SVC is part of a greater network at Siemens whose mission is to drive technological innovation by supporting startup companies. In addition to Siemens Venture Capital, Siemens Technology Accelerator and Siemens Technology-To-Business Center also contribute to Siemens’ innovation strategy. Their individual mandates are defined according to financing stages and industry focus. More information can be found at: www.siemensventurecapital.com. |
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