Powerit Solutions, a 10-year-old Seattle company that helps large industrial customers reduce energy savings by as much as 33 percent, has raised $3 million in fresh funding. Led by former Verdiem CEO Kevin Klustner, the company plans use the new cash to enhance product development and boost sales and marketing activities. To date, more than 2,000 customers use the Powerit system, including Ikea, Dannon, Pacific Steel Castings and others.
Total funding in the company, which employs 65 people and was named last year to Deloitte’s Technology Fast 500 list, now stands at $21 million.
Klustner joined the company last September, saying at the time that Powerit planned to expand internationally and enhance its software product. “I’m thrilled to lead a company poised for growth and to be a part of the team that’s made Powerit so dynamic,” said Klustner at the time.
Powerit was chosen earlier this year as one of 12 companies to watch by readers of Smart Grid News.
“Powerit’s current technology, the Spara energy management system, allows energy-intensive companies to cope with volatile and increasing energy prices and to profit from utility initiatives to reduce stress on the grid, such as demand response programs,” said a company spokeswoman. “Many of these programs are now requiring participants to take action with shorter lead times and greater frequency, making an automated response essential.”