Energy Inc., a Charleston, S.C.-based company which designs and manufactures real-time electricity management devices for residential and commercial use, has received an undisclosed minority investment from 3M New Ventures, the Seefeld, Germany-based investment arm of 3M.
Energy Inc.’s product, The Energy Detective, also known as TED, allows real-time residential energy data to be viewed remotely via the Internet.
This strategic shareholding aims to drive innovative business concepts with high commercialization potential for 3M and enables 3M to offer complementary products for energy consumption management as an innovative total package. Synergies are expected through the conception of new technological developments and joint sales activities.
According to Dolph Rodenberg, president of the company, “3M’s participation means that we have access to one of the most innovative research resources in the world, and also to a powerful international distribution network.
“This will help us move faster towards our goal of global growth”, he said.