SILICON ENERGY CLOSES $20 MILLION STRATEGIC INVESTMENT ROUND -- Industry Leaders GE Capital and United Technologies Corp. Take Front Positions
ALAMEDA, Calif., (June 28, 2000) - Silicon Energy today announced the close of a $20 million strategic investment round to fund expansion of sales, marketing and engineering efforts for its leading global Enterprise Energy Management (EEM) software products.
Integral Capital Partners and GE Capital (NYSE:GE) co-led a group that included: United Technologies Corp. (NYSE:UTX) -- the parent company of Pratt Whitney, Carrier Corp., Otis Elevator, Hamilton Sundstrand, Sikorsky, and International Fuel Cell; Morgan Stanley Dean Witter (NYSE:MWD); Energy Ventures (OTC Bulletin Board: EGYV) and RealEnergy. Additional funding was provided by existing Silicon Energy investors Peregrine Systems (NASDAQ:PRGN), Nth Power, and Red Rock Ventures. Silicon Energy's two earlier rounds of financing were $14.3 million, which closed September 1999, and $4.0 million in September 1998.
"Enterprise Energy Management is one of the killer applications of the new millennium," said Roger McNamee, co-founder of Integral Capital. "As the leading provider of Web-based energy management, Silicon Energy is positioned to grow rapidly for decades to come."
According to Barry Kupferberg, principal, Morgan Stanley Dean Witter, "Enterprise Energy Management represents a tremendous business opportunity. Silicon Energy is positioned as the first mover and industry leader in this space, and we consider them a strong addition to our investment portfolio."
"This round of financing allows us to continue building world-class enterprise energy management solutions. Our products link together a wide variety of metering, facilities, distributed generation and suppliers, connecting the retail marketplace to the wholesale marketplace," said John Woolard, CEO of Silicon Energy. "With this funding, we can capitalize further on our solid foundation of product capabilities and customers. Additionally, we are excited to have formed partnerships with such a strong representation of industry-leading global Fortune 100 companies."
About Silicon Energy Silicon Energy Corporation, the global leader in Enterprise Energy Management (EEM) solutions, is a privately held technology company based in Alameda, Calif. Silicon Energy's product suite is a powerful business-to-business EEM application that reduces energy costs by five to 20 percent by optimizing energy management and procurement across an enterprise. Silicon Energy allows real-time assessment and intelligent control over enterprise-wide energy usage as well as comprehensive reporting and monitoring capabilities through a Web browser. In addition to its software, Silicon Energy hosts Application Service Provider (ASP)-based energy management services that are more cost effective and quick to deploy for utilities and enterprises. Silicon Energy also offers professional services designed to provide ongoing support to its installed base. For more information visit http://www.siliconenergy.com.
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