|By PR Newswire||
|February 4, 2014 11:55 AM EST||
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.
SOURCE REGEN Energy Inc.