FirstFuel Software Secures $8.5 Million to Support Rapid Growth of Utility
Global energy company E.ON SE enters as key investor in Series B Round
LEXINGTON, Mass. -- December 10, 2013
FirstFuel Software, the trusted source of energy use intelligence, announced
today it has secured $8.5 million in Series B financing from new and existing
investors, including E.ON SE, one of the world’s largest investor-owned
utilities. Existing investors Battery Ventures, Rockport Capital and Nth Power
also participated in the financing round.
The investment comes on the heels of several significant milestones for the
utility SaaS analytics company, whose customer list now includes several of
the largest North American utilities. FirstFuel also recently announced
exceptional results in expanded deployments with the U.S. General Services
Administration and the Washington D.C. Department of General Services. The new
funding will support FirstFuel’s rapid, continued expansion in North America,
and now globally, as well as further accelerate development of its Remote
Building Analytics (RBA) platform, which leverages deep data analytics to
drive scalable efficiency in commercial buildings.
“E.ON’s investment in FirstFuel underlines the industry’s broader need to
better support commercial customers in managing energy use. More and more,
success in our energy business requires technology that drives greater
customer engagement and value-added services at mass scale,” said Urban
Keussen, senior vice president for technology & innovation at E.ON SE.
“FirstFuel has emerged as an industry-defining information source that enables
utilities, governments and property owners to deliver meaningful and
persistent demand-side management outcomes under cost and time constraints. We
are very excited to work with FirstFuel as both an investor and a partner for
"We believe FirstFuel represents the future of utility SaaS analytics” said
Tom Crotty from Battery Ventures. “The demand for FirstFuel speaks to the
company’s vision and understanding of how utilities want to leverage meter
data to achieve customer engagement and efficiency goals.
This announcement signals a new stage of significant expansion for FirstFuel.
The company has helped its utility and government customers deliver key energy
efficiency services at 5-10x lower costs and faster speeds, scaled across
thousands of buildings. FirstFuel customers utilize the platform’s
fully-integrated remote energy analytics and services, including portfolio
efficiency screening, customer engagement, energy audits and performance
monitoring and verification. Through November 2013, FirstFuel’s RBA platform
has analyzed over 700 million square feet of total commercial building space.
“Standardized and reliable performance information has been critical to
unlocking markets in almost every other sector, and the commercial energy
sector should be no exception,” said FirstFuel CEO Swapnil Shah. “While
billions of dollars are being spent on commercial efficiency each year, the
industry still lacks quality information about use, opportunity and
performance. With this funding, we are positioned to aggressively pursue our
growth goals and establish a new standard for energy information in buildings
around the world.”
FirstFuel Software is the trusted source for energy use intelligence.
FirstFuel helps customers deliver scalable energy efficiency through the
Remote Building Analytics platform, which uses advanced meter data analytics
to identify, enable, and track energy efficiency savings behind the meter in
commercial buildings - all without onsite visits or device installations.
Designed to be rapidly and cost-effectively deployed across hundreds or
thousands of commercial buildings, FirstFuel changes the scale at which the
sector can achieve its energy efficiency goals. Founded in 2009 and privately
held, FirstFuel is headquartered in Lexington, Mass. For more information,
please visit www.firstfuel.com.
Version 2.0 Communications for FirstFuel
Meghan Gardner, 617-426-2222
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