Powerit Solutions develops the Spara EMS® platform to link industrial facilities with the smart grid and enable automated energy demand management for savings and sustainability. Spara uses sophisticated algorithms, built-in load-shedding intelligence, and data from equipment, electricity meters, and utility transmissions to optimize facility energy use without compromising production or quality. The company reports hundreds of existing installations and manages an estimated 571 megawatts of electrical load in North America, and it maintains active collaborations with utilities, OEMs, and system integrators. Powerit has sales partnerships with four U.S. automation distributors that together operate in 20 states. The company plans to launch a hosted cloud product, SparaHub, in early 2013 to provide real-time pricing and demand response event data and to simplify partner integrations. It intends to use recent funding to expand strategic relationships and pursue expansion in the European market. Powerit Solutions is a Seattle-based cleantech company that plugs energy-intensive businesses into the smart grid using its Spara energy management technology. Spara is designed to help users increase energy efficiency, cut peak-rate usage, participate in demand response programs and respond advantageously to dynamic pricing. The company completed a $5M funding round led by new investor Black Coral Capital, with participation from existing investors. Powerit intends to use the funds to extend its reach in key manufacturing verticals, develop partnerships with OEMs and energy services firms that want to use Spara to connect their customers to the smart grid, and add channel partners in North America and internationally. Effective March 7, 2011, Matthew J. Schiltz, former president and CEO of DocuSign, will serve as CEO, lead international operations and take a seat on the board.

Total raised

$11M

Funding rounds

2

Latest round

Series C

Latest activity

Dec 2012