Comverge, a developer of software solutions for energy providers, today announced the closing of its previously announced financing round with the addition of $5.6 million in investment.
The new investment is from previous investors in the Series "A" preferred share issue -- Nth Power, EnerTech Capital Partners and Ridgewood Capital as well as company executives.
The new investment brings the total for the round to $18.6 million. Other investors include E.ON Venture Partners GmbH, an affiliate of E.ON AG (NYSE: EON), Shell Internet Ventures, an affiliate of the Royal Dutch/Shell Group of Companies (NYSE: RD), Easton Hunt Capital Partners, L.P., Norsk Hydro Technology Ventures, and Data Systems & Software (Nasdaq: DSSI), the parent company of Comverge.
Scott Ungerer, managing director and CEO of EnerTech Capital, will join Comverge's board of directors. Ungerer said his company had been observing the development and execution of Comverge’s business plan over an extended period of time. “We are now delighted to join with our colleagues from Nth Power as the largest Series "A" preferred investors in the company. With much focus now being placed on demand side programs throughout the country, Comverge's recent success in product development, alliance creation, and adoption of new business models, has superbly positioned it as a first-mover eyeing the possibility of rapid growth.”
Comverge said it would use proceeds from the financing to fund internal growth opportunities, including the design and installation of additional Virtual Peaking Capacity systems and the development of the company's Maingate and SuperSwitch product lines.
Comverge has offices, research facilities and agents located in its Florham Park, New Jersey headquarters, as well as in Atlanta, Georgia and Tel Aviv, Israel.
Published by Globes [online] - www.globes.co.il - on 15 October, 2003