NewswireToday - /newswire/ -
Tel Aviv, Israel, 2010/09/22 - Greenlet Technologies, an Israeli-based smart grid company, announced that it has secured an investment from Israel G-Tek, a Florida based private equity fund dedicated to Greentech investments.
Greenlet Technologies specializes in scalable energy control systems for electric utilities. The solution includes central management software for control centers of electric companies, and self-deployable, pluggable Greenlet™ units that are shipped to consumers. The units monitor and control device-specific loads, while management software lets utilities and energy service companies control and monitor demand in real time. Greenlet enables the quick deployment of Peak Shaving programs, calculation of consumer returns, and verification of true power reduction without the need for professional installation.
By building self-deployable virtual power plants for reduction of power consumption during peak hours, Greenlet helps electric utilities avoid power outages and extremely high generation costs, while customers enjoy sizable payments for power reduction during peaks. Greenlet also supplies a personalized portal so customers can monitor and control power usage at all times.
In September 2010, Greenlet (greenlet.net) effectively completed a three-month pilot project with the Israel Electric Corporation (IEC), the only integrated electric utility in the State of Israel. As a result, the companies will be entering a rollout phase that includes more than 150 residential areas in the winter of 2010. The company was also selected as a top five finalist at IBM’s Israel SmartCamp 2010, a prestigious event recognizing the world’s smartest start-ups.
Managed by Sami Shiro and Uri Benhamron, Israel G-Tek (ig-tek.com) identifies and invests in top-rate GreenTech companies mostly in Israel. The company is a key investor in Israeli start up IQ-Wind, an innovator in the wind energy industry, as well as in CTG a water technology holding company. It also holds a stake in US companies Bloom Energy, Fisker Automotive and Serious Materials.
“We are very proud to have Greenlet Technologies as our sixth investment for our portfolio. The company has introduced a promising technology to the market, relating to a significant growth industry. The team is managed by seasoned professionals, has demonstrated unparalleled execution and we are excited about our shared vision.” said Uri Benhamron, Managing Partner at Israel G-Tek.
“This investment was secured at the right time as we enter an intense phase of production & sales, and ramp up our marketing activity in the US,” said Avner Cohen, CEO of Greenlet Technologies. “We have a number of partnerships and pilot projects with leading US utilities in the pipeline, which we expect to announce in the coming months. For now, our goal is to increase brand awareness in the US through tradeshows and direct marketing efforts.”
For more information on IQWind visit iqwind.com/.