Press release
Reinforces Commitment to Accelerate Adoption of Energy Efficiency Technologies
SAN FRANCISCO, July 29, 2009 - Today at the Technology Innovation Summit, Intel Capital, Intel Corporation's global investment organization, reaffirmed its dedication to foster clean technology innovation with the announcement of five cleantech investments. The deals, which total approximately $10 million and span two continents, include first-time investment in U.S.-based CPower (demand response and energy efficiency) as well as follow-on investments in Ireland-based Powervation (digital power control) and U.S.-based companies Convey Computer (energy efficient high performance computing), Grid Net (smart meter infrastructure) and iControl (home automation and monitoring).
"Intel Capital has made a significant commitment to invest in the cleantech sector in recognition of the increasing need for alternative energy production and advanced energy management and utilization solutions," said Arvind Sodhani, president of Intel Capital and Intel executive vice president. "The global nature of these five investments demonstrates our focus on accelerating cleantech innovation, emphasizing Intel Capital's unique strength as a global, stage agnostic investor."
"These investments share synergies focused on accelerating adoption of Smart Grid technologies, fostering energy efficiency and performance in ways that benefit consumers of electricity and power utilities as well as complement Intel's strategic objectives," said Steve Eichenlaub, managing director of platform technologies, cleantech and digital health, Intel Capital. "Each investment underlies Intel Capital's commitment to invest in cutting edge technologies and support our expanding portfolio of cleantech-related companies."
Details on the five new investments include:
- CPower (New York) delivers targeted energy management services and solutions that enable companies to optimize their facilities and operations through energy reduction initiatives and earn market payments for those reductions. As an industry pioneer that has grown into one of the largest energy management and demand response firms in North America, CPower combines an understanding of energy management technologies, energy markets and the daily challenges of facility operators to maximize the value of energy sustainability. This is Intel Capital's initial funding of CPower.
- Grid Net (San Francisco) is a pioneer in providing the network operating system and management control plane for the Smart Grid. PolicyNet*, Grid Net's standards-based management platform for all networked transmission, distribution and generation smart grid devices, provides cost-effective rapid deployment and management that leverages 4G broadband networks. Grid Net's Series C funding round includes Intel Capital's third investment.
- Powervation (Limerick, Ireland) provides digital power controllers for server, desktop computing and communications platforms that deliver capabilities in automatic configuration and self stabilization. These devices speed design time and enable system stability as other power supply components age, leading to higher energy efficiency at the system level, faster time-to-market and lower overall system costs. Intel Capital co-led Powervation's Series A funding round and this is its second investment in the company.
- Convey Computer (Richardson, Texas) offers high-performance computing (HPC) solutions which aim to dramatically reduce energy consumption and boost performance. Convey's HC-1* solution tightly integrates advanced existing off-the-shelf hardware - namely an Intel® Xeon® processor and Field Programmable Gate Arrays - with compiler technology that minimizes the programming challenges that have long withheld the potential of reconfigurable hardware. Convey's Series B funding round includes the second investment by Intel Capital.
- iControl (Palo Alto, Calif.) provides an IP-based platform that delivers monitored home security, remote home monitoring and home and energy management capabilities to security and broadband providers, enabling them to deliver enhanced, value-added services to their new and existing customers. iControl's Series C funding round includes a follow-on investment by Intel Capital.
Intel Capital is focused on actively seeking and structuring investments in companies worldwide that are producing products and services in a variety of "green" areas such as energy efficiency, alternative power generation and storage, transportation and materials, with particular emphasis in support of Intel's Open Energy Initiative, helping foster standards-based, interoperable solutions.
These five investments all support efforts within Intel to drive energy-efficient performance across Intel's value chain. Intel Capital invested in and works with CPower, Grid Net and iControl as part of its Smart Energy efforts that focus on utilizing Intel® Architecture solutions and industry standards to improve performance, speed deployment and enhance security in large-scale deployments. Intel supports Powervation as part of its relentless efforts to improve the performance per watt of Intel Architecture platforms across multiple user segments. Additionally, Convey Computer complements Intel's HPC efforts, distinctively augmenting Intel Architecture platforms to further boost both performance and energy efficiency across multiple target industries such as energy, transportation, financial services and healthcare.
