@Ventures Invests in Powerit Holdings, Inc.
Last Update: 4:30 PM ET May 31, 2007
WALTHAM, Mass., May 31, 2007 (BUSINESS WIRE) -- @Ventures, the venture capital business of CMGI, Inc. (CMGI : CMGI Inc
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CMGI2.50, 0.00, 0.0%) , announced today that it has made a $3.0 million investment in Powerit Holdings, Inc., a leader in intelligent energy-demand management. @Ventures led the company's $7.1 million Series A financing round, joined by new co-investor Expansion Capital Partners, and existing investors including Stellar Holdings and company management.
Powerit Holding's US subsidiary, Powerit Solutions, provides energy demand response and demand control solutions for industrial and commercial companies. These easy-to-integrate, proprietary solutions enable major cost savings on electricity bills with no impact to productivity or quality, as demonstrated with hundreds of installations of the technology to date. Powerit Holding's European subsidiary, Diana Control ( www.diana.se), also provides an industry-leading building controls system for commercial building owners in the region.
Powerit Solutions is especially well-poised to support the growth of demand response (DR) services to the electric utility industry. Powerit's main product, Energy Director(TM), automatically predicts, regulates, and lowers demand, and is a system approved for DR incentive programs by public utilities which have strong interest in finding cost saving and energy conservation solutions for large industrial users.
"We are pleased to receive this funding from @Ventures and Expansion Capital Partners, two recognized leaders in clean technology venture capital," said Claes Olsson, CEO of Powerit Holdings. "We have been getting tremendous interest from industrial and utility customers who need proven demand response and demand management solutions, and this infusion of capital will allow us to accelerate our growth and product offerings to meet customer needs."
"Powerit's technologies are uniquely-suited to meet the demanding needs of large industrial electricity users," said Marc Poirier, Managing Director, @Ventures. "By helping these companies reduce their energy bills in an automated way and without hindering productivity, Powerit delivers strong economic value to customers. And by helping utilities to manage their peak demand periods without the addition of new power plant capacity, Powerit helps address the increasing demand for electricity while minimizing carbon emissions and other environmental impacts associated with power generation," added Poirier.
In conjunction with the investment in Powerit Holdings, Inc., Poirier has joined the company's board of directors.
About Powerit Holdings, Inc.
Powerit Holdings, Inc. ("Powerit") is a global leader in intelligent energy-demand management. Through application of the company's technology, Energy Director(TM), companies manage and reduce peak energy demand - saving money and conserving energy without compromising production and processing operations or building comfort. There are hundreds of installations of the company's technology globally, many in industrial sectors that have high energy demand, including mechanical fabrication and manufacturing, agriculture and food products, petroleum and petrochemicals, forest products, and primary metals fabrication, as well as in commercial and recreational facilities.
Powerit Holdings, Inc. is headquartered in Seattle, Washington. For more information, please visit www.poweritsolutions.com.
About @Ventures
@Ventures provides venture capital to early stage and mid-stage technology companies. Formed in 1995, @Ventures has funded more than 70 software, IT, Internet, and clean energy companies. The primary focus of @Ventures' fifth fund, formed in 2004, is on investments in the cleantech sector, including alternative energy, energy storage and efficiency, and water purification technologies. For more information, visit: www.ventures.com.
About CMGI, Inc.
CMGI, Inc. (CMGI : CMGI Inc
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CMGI2.50, 0.00, 0.0%) , through its subsidiary ModusLink, provides industry-leading global supply chain management services and solutions that help businesses market, sell and distribute their products around the world. In addition, CMGI's venture capital business, @Ventures, invests in a variety of technology ventures. For additional information, visit: www.cmgi.com.
This release contains forward-looking statements, which address a variety of subjects including, for example, the expected achievements by Powerit Holdings, Inc. All statements other than statements of historical fact, including without limitation, those with respect to Powerit Holdings' goals, plans and strategies set forth herein are forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: Powerit Holdings' success, and in turn, @Ventures' and CMGI's success with respect to this investment depends on Powerit Holdings' ability to execute on its business strategy and the continued and increased demand for and market acceptance of its products and services; Our ability to earn returns on our investment, or even recover our capital, is dependent upon factors outside of our control, including the success of our portfolio companies' businesses, and the market for initial public offering and mergers and acquisitions. For a detailed discussion of cautionary statements that may affect CMGI's future results of operations and financial results, please refer to CMGI's filings with the Securities and Exchange Commission, including CMGI's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Forward-looking statements represent management's current expectations and are inherently uncertain. We do not undertake any obligation to update forward-looking statements made by us.
SOURCE: CMGI, Inc.
Powerit Holdings, Inc. Bob Zak, 206-467-3030 President of Powerit Solutions, LLC bobz@poweritsolutions.com or @Ventures Rob Day, 978-658-8980 x5 Principal rob@ventures.com Copyright Business Wire 2007 ************************************************** As of Sunday, 05-27-2007 23:59, the latest Comtex SmarTrend® Alert, an automated pattern recognition system, indicated a DOWNTREND on 05-24-2006 for CMGI @ $1.26. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright © 2004-2007 Comtex News Network |
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