Wireless energy management company REGEN Energy Inc has secured US$7 million in a Series B financing round. The round was led by a unidentified global energy company and included participation from existing Canadian investor BDC Venture Capital Energy/Cleantech Fund and U.S. investor NGEN Partners. The new funds will allow the Toronto-based REGEN to increase sales, marketing and support infrastructure, to continue to advance Swarm Energy Management™, the company’s wireless smart grid technology platform, and to enhance its product line. Founded in 2005, REGEN also has an office in Newport Beach, California. The company received its seed financing from MaRS Investment Accelerator Fund.
REGEN Energy to Accelerate Market Penetration of its Swarm Energy Management Platform with $7 Million in New Funding
NEWPORT BEACH, Calif. and TORONTO, Feb. 4, 2014
NEWPORT BEACH, Calif. and TORONTO, Feb. 4, 2014 /PRNewswire/ — REGEN Energy Inc., developer of the wireless Swarm Energy Management™ electrical load management and automated demand response platform, announced today that it has held a USD$7 million initial close to its Series B investment round. The round was led by a significant international energy company and included participation from existing investors NGEN Partners and the BDC Venture Capital Energy/Cleantech Fund.
“Since 2011, we have gained extraordinary market traction and become one of the most recognized auto demand response and dynamic load management technologies in use today,” said Tim Angus, President and CEO of REGEN Energy. “With world-class partnerships that include HVAC OEMs, demand response load aggregators and system integrators, as well as a strong and rapidly growing roster of direct national accounts in the commercial and industrial space, REGEN has already achieved outstanding growth and is poised for significant acceleration of that growth.”
Mr. Angus added: “This funding will enable us to increase our marketing, sales and support infrastructure while continuing to grow the hundreds of megawatts of load under Swarm control in North America and internationally.” REGEN will also leverage the funding to enhance the features of its product line, driving bottom line benefits for commercial and industrial customers and much-needed system peak reduction for electric utilities.
Swarm Energy Management is a fully compliant OpenADR 2.0 solution. OpenADR is fast becoming a globally recognized standard for auto demand response programs. REGEN continues to enjoy significant global growth opportunities for Swarm, and the proceeds of this financing will enable REGEN to support new international partners and endeavors.
ABOUT REGEN ENERGY
REGEN is revolutionizing the way building owners manage their electrical demand through its patented wireless smart grid technology platform, Swarm Energy Management™. Swarm generates dramatic demand management and auto demand response electrical savings opportunities and allows small to mid-sized commercial, industrial and institutional buildings with little-to-no building automation to finally participate in the rapidly growing auto demand response and dynamic load management markets. REGEN’s major offices in North America are located in Toronto, Canada and Newport Beach, California.
REGEN Energy Inc.