UtiliData, Inc., a Providence, RI-based supplier of voltage optimization products for the electric grid, has completed a round of financing led by Braemar Energy Ventures.
Led by CEO Ron Decker, UtiliData aims to optimize the delivery of electric energy through the application of advanced signal processing to the electric grid. Its AdaptiVolt™ Volt/VAR Optimization system is designed to allow electric utilities and energy intensive industries to reduce electricity demand, improve efficiency and increase reliability.
The company, which also receives funding from the State of Rhode Island’s Economic Development Corporation, intends to use the capital to accelerate the advancement and expansion of AdaptiVolt™ product.
In conjunction with the deal, Scott DePasquale, Partner at Braemar Energy Ventures, has joined UtiliData’s board of directors as Chairman.
FinSMEs
13/02/2012