Consert, a Raleigh technology company, said today it received $17.7 million to continue developing its "smart grid" technology.
The financing came from Constellation Energy, GE Energy Financial Services, Verizon Ventures and private investors. The money will be used for marketing, sales and technological enhancemnts.
Founded in 2007, Consert has 26 employees and 27 contractors. The company's product simulates the customer experience of an advanced two-way utility meter without requiring power companies to change out customers' meters.
In pilot projects with the Wake Electric Membership Corp., customers reported average energy savings of 17 percent. The technology allows customers to set water heaters and other appliances on virtual timers so that they cycle off or shut down during times of peak energy demand.
Wake Electric and Fayetteville Public Works Commission have said they plan to provide the Consert technology to a combined 8,000 customers over the next several years. The technology costs about $400 per home.
Consert markets the product to power companies as an alternative to building new power plants to meet peak energy demand.
This venture capital round represents Consert's single biggest haul to date. Consert previously netted $5 million in 2008 from private investors in Raleigh and elsewhere.
John Murawski has been a full-time newspaper reporter since 1991, with stints at Legal Times and The Chronicle of Philanthropy (both in Washington, DC), The Philadelphia Inquirer and The Palm Beach Post (in South Florida) before arriving at the N&O in December 2004. At the N&O he covers energy (nuclear, coal, renewable, efficiency), hydralic fracturing (or "fracking"), public utilities (both electric and natural gas) and health care. His beat includes Progress Energy, PSNC Energy, Piedmont Natural Gas, PowerSecure International, GlaxoSmithKline, Merck, Novo Nordisk, Pfizer, Biogen Idec and others. You can reach him at 919-829-8932 or