Powerit Solutions, a Seattle, WA-based international cleantech company that plugs energy-intensive businesses into the smart grid, has completed a $5m funding round.
The round was led by new investor Black Coral Capital, with participation from existing investors.
The company intends to use the funds to extend its reach in key vertical manufacturing sectors, develop partnerships with OEMs and energy services firms that want to use its Spara energy management technology to connect their customers to the smart grid, and add channel partners in North America and internationally.
Powerit’s Spara technology is designed to enable users to increase energy efficiency, cut peak-rate usage, participate in demand response programs and nd respond to dynamic pricing advantageously.
The company also announced that, effective March 7, 2011, Matthew J. Schiltz, former president and CEO of DocuSign, will serve as CEO of Powerit Solutions. He will lead international operations and take a seat on the board.