SimpTek Technologies Raises Over $700,000 in Funding to Expand Across North America in Clean Tech Market

FREDERICTON, Oct. 20, 2016 /CNW/ - SimpTek Technologies, a software company providing intelligent energy management solutions for homeowners and utilities, raised over $700,000 in funding. Led by the New Brunswick Innovation Foundation, and several angel investors, this funding will help SimpTek pursue new business opportunities and expand into new markets. This funding will be used to expand the company's technical, sales and marketing capacity, and prepare it for growth across Canada and the United States.

(Photo: http://photos.prnewswire.com/prnh/20161018/429859LOGO)

Today, many utilities across North America face the same issue of meeting peak power needs at certain times of day, such as early mornings and dinner times. They also have mandates to become greener by adding more renewable energy and offering their customers more energy efficiency and energy saving options. They understand the solution to these challenges is an engaged and educated energy consumer working together with utilities so that both benefit in the short and the long run. Utilities everywhere are therefore investing heavily to provide customers with new options, new information and new products and services. SimpTek is uniquely poised to help utilities and their customers with this challenge.

SimpTek's platform helps utility companies to better engage, understand and communicate with their customers. SimpTek provides an energy dashboard that shows consumers in real time how much energy they're using and makes personalized recommendations about how to reduce that energy. This information is provided to the customers through SimpTek's Smart Energy Marketplace. At the same time, this technology provides these insights to the utility in an anonymous and aggregated manner through an intuitive web dashboard. This allows the utility to understand and offer the right products and services to their customers.

"Most people don't realize that power utilities spend tremendous amounts of money to meet the peak demands of their customers and how working together to bring down peaks could have tremendous benefits for both customers and utilities in savings and using less fossil fuels," says NBIF CEO Calvin Milbury, "SimpTek's technology can help reduce the expenses utilities and consumers face at the same time, and that's exactly the kind of innovation we invest in."

Founded in 2014, SimpTek has completed the first phase of its pilot program with NB Power, the electric utility for the province of New Brunswick, Canada. Next year, SimpTek will be starting pilots with various utility companies across North America.

"Today, utilities want to take energy efficiency and savings to the next level by providing customers with precise data about how and when they use electricity," said CEO of NB Power, Gaetan Thomas. "SimpTek is showing how you can measure and ultimately manage that energy to help you save. Our hope is that they can provide the whole industry with an important tool for customers and utilities to better understand and change electricity behaviors for everyone's benefit."

With the SimpTek solution, saving energy will be simple for both consumers and utility companies. When consumers are educated and empowered with the right data, they can easily work together with utility companies toward a mutually beneficial goal of avoiding the building of any new fossil fuel generating stations.

"We've been extremely pleased with the results of our pilot programs to date and the positive feedback from the consumers and the utilities," said SimpTek's CEO and co-founder, Asif Hasan. "We are excited to build upon our success to date and to expand the team with the financial support from these investors. We want to thank them for their confidence in our company and state publicly our commitment to deliver on the promises we've made to build this business."

To prepare for the market expansion in Canada and into the United States, SimpTek is hiring a number of new positions in the technical and marketing teams. Click here for more information on these new positions.

About SimpTek
SimpTek Technologies is a Canadian company providing intelligent power management solutions to deliver knowledge, convenience, and control to consumers, while also providing insights about power usage to utilities. SimpTek helps residential homeowners better understand and manage their electricity consumption by providing an easy-to-use energy dashboard, which acts as a personal energy fitness trainer and provides tailored energy recommendations to bring homeowners education and transparency around their energy usage. Founded in 2014, SimpTek is now engaged with many utility companies in Canada and the United States. Please visit simptekinc.com for more information.

SOURCE SimpTek

Image with caption: "Logo: SimpTek (CNW Group/SimpTek)". Image available at: http://photos.newswire.ca/images/download/20161020_C2713_PHOTO_EN_799776.jpg

For further information: Media Contact: Keelen Gagnon at 1-647-795-1555 (ext. 101) or media@simptekinc.com


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