TORONTO, Sept. 12, 2011 /CNW/ -- REGEN Energy Inc.(TM), developer of the wireless EnviroGrid(TM) swarm-logic demand management platform, announced today that it closed a $5.5 million equity investment from cleantech investors NGEN Partners and BDC Venture Capital. As part of the financing, Robb McLarty of NGEN and Larry Lam of BDC will join REGEN's Board of Directors.
"This new investment will allow us to 'step on the gas', rapidly expand our marketing activities across North America, and tap a multi-billion dollar opportunity for our patented EnviroGrid platform," said Tim Angus, President and CEO of REGEN Energy. "This is an exciting time for REGEN as we receive follow-on orders from large corporate accounts. We're excited to increase our channel partners' revenues by delivering further value-added services to their customers." REGEN will also leverage the funding to enhance features of its product line, driving further bottom line benefits to its customers.
"There are millions of commercial and industrial buildings that lack intelligent HVAC controls. Making these assets smarter will give building owners new ways to make money and save money," said Robb McLarty of NGEN Partners. "REGEN has a truly differentiated approach to demand management and demand response for this very large segment of the market."
"REGEN's value proposition has attracted industry interest and enabled the company to establish strong relationships with utilities and channel partners," said Larry Lam of BDC Venture Capital. "REGEN's channel-friendly solution and partnering strategy will enable REGEN to scale its business aggressively and efficiently."
In addition to launching its OpenADR solution this past summer, REGEN has seen increased demand for its simple, wireless EnviroGrid system. With several successful utility pilots under its belt, REGEN will focus its resources in the United States in both the southwest (particularly California, where REGEN opened an office in September), and the Northeast U.S., where utilities offer substantial financial benefits for customers through demand reduction and incentive programs.
ABOUT REGEN ENERGY
REGEN provides industry-leading wireless demand management and demand response solutions to commercial & industrial facilities using a patented approach that is affordable, easy to use, and maintains occupant comfort. Today, REGEN works with a network of channel partners to deploy EnviroGrid(TM) across North America. REGEN is backed by NGEN Partners, a pioneering investor in the cleantech sector, and BDC Venture Capital, helping Canadian entrepreneurs build global technology-based companies.
SOURCE REGEN Energy Inc.
For further information: Joanna Bieda, +1-416-934-1040, x242, joanna.bieda@REGENenergy.com