Feb 23 2010
Adura Technologies™, a leading provider of wireless lighting control and energy management solutions, today announced $12 million in new funding.
Adura also announced that NGEN Partners, a pioneering investor in the clean tech sector, will join the company’s board as lead investor in the new funding round, which includes return investors VantagePoint Venture Partners, a leading global clean tech venture capital firm, and Claremont Creek Ventures, an early stage venture capital firm.
“The new funding will help Adura continue to grow through the expansion of our commercialization efforts and ongoing technology development,” said Jack Bolick, President and Chief Executive Officer, Adura. “We’re building on our successes in the past year, when Adura demonstrated 70 percent savings in independent customer studies, launched the commercial version of our core product, the Adura Light Point System™ (ALPS™), and partnered to expand our capabilities to include monitoring and measurement of HVAC systems.”
Lighting and HVAC are the top two energy users in most commercial buildings, typically representing 60 percent or more of the total energy use. Adura’s wireless management platform addresses both energy uses and could result in savings of up to 50 percent. It can also relieve strain on the electrical grid during periods of high use – a key goal of Smart Grid implementation. In addition, ALPS can be installed at a fraction of the cost and disruption of conventional retrofits.
“Commercial building lighting costs U.S. users about $30 billion a year, about half of which could be saved by more efficient controls,” said Robb McLarty, Principal, NGEN Partners. “We believe Adura will be a leader in a market with huge potential.”
“ALPS is easy to install and use and the potential payback could occur within a few years,” said Lee Burrows, Partner, VantagePoint Venture Partners. “That’s why we believe Adura will be the solution of choice for building owners and managers in the future.”
“Energy efficiency will continue to be an important strategy for business to reduce costs and decrease carbon emissions,” said Nat Goldhaber, Managing Director, Claremont Creek Ventures. "The scalable offerings provided by Adura are cost-effective solutions for both the retrofit and new construction markets.”
Source: http://www.aduratech.com