UtiliData, Inc. has completed a round of financing led by Braemar Energy Ventures. The financing will accelerate the advancement and expansion of the company’s AdaptiVolt Volt/VAR Optimization product, which allows utilities and large industrial companies to realize significant energy efficiency gains as well as improved reliability. The funding comes in the wake of the successful AdaptiVolt system performances in major utilities across North America, where it has demonstrated operational excellence, along with robust, measurable results.
In addition to the financing, Scott DePasquale, Partner at Braemar Energy Ventures, has joined the UtiliData board of directors as chairman.
UtiliData has developed an approach that uses advanced signal processing techniques to control and optimize various devices on the distribution grid, which results in a low cost way to reduce power consumption and extend the life of equipment. The company’s Volt/VAR Optimization is a subset of smart grid applications that are applied to the electric grid to improve efficiency. UtiliData’s AdaptiVolt system uses advanced signal processing to extract the underlying behavior of the electric distribution grid and uses that information to make near-optimal control decisions of power regulation devices. By reducing line losses and delivering optimal voltage levels to all customers, the system can reduce energy usage and peak demand by up to 5%. In addition, the AdaptiVolt system optimizes control operations, improving reliability and reducing maintenance costs.
“The market has been telling us it needs smart grid solutions that are lower cost, less disruptive, and more economic while still accomplishing the objectives of reducing loses and strengthening the reliability of the aging infrastructure. UtiliData’s platform allows for just that, with significant efficiency gains over traditional voltage optimization that make the business case much more impactful to the consumer, utility, and regulator,” said DePasquale.
The company’s headquarters will be located in Providence, RI, to take advantage of regional access to the technical talent required to further evolve UtiliData’s product offerings around power systems and advanced distribution automation. The State of Rhode Island’s Economic Development Corporation has also committed to financing the company’s working capital needs during this growth phase.