Siemens Invests $3M in Energy Management Startup

March 20, 2007 by Jeff Shepard

Independent energy management solutions provider Prenova Inc. announced that it has received $3 million in venture capital funding from Siemens AG’s venture capital arm. The Marietta, Georgia.-based company claims its full suite of energy solutions delivers a conservative 10 to 15% overall reduction in a customer’s total cost of energy.

"Prenova has an unmatched technology capability to manage remotely the complex enterprise-wide energy-based assets and systems for businesses," Todd Jaquez-Fissori, General Partner at Siemens Venture Capital, stated. "This unique capability will help them deliver their solutions to more customers in retail, telecommunications, restaurant, commercial and manufacturing business sectors to drive down and manage total end-to-end energy costs."

"Our customers utilize Prenova’s solutions to fully leverage their existing energy assets, manage their energy risks and remove every possible dollar out of their energy-related operating costs," Ed Smith, Prenova’s CEO, stated. "This additional capital will enable Prenova to extend our leadership position with this non-replicable technology and greatly enhance our ability to deliver high-value energy management solutions to an even broader array of businesses."