USPowerSolutions Gets $5M
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USPowerSolutions, a Cambridge, Mass., startup that provides Web-accessible business management software to energy companies, has closed a $5 million round of funding.
New investors include DQE Enterprises, individuals within CSFB's Energy Technology Group and industry veterans including George Mazanec, former vice chairman of PanEnergy Corp.
USPowerSolutions said it would use the cash to develop its Web software, PowerSolution, as well as boost sales and marketing. Retail brokers of electricity and natural gas can use PowerSolution to manage data, trades and other interactions among partners and customers using different software and located in differently regulated markets.
Mazanec said, "We are excited by the sheer amount of new business USPowerSolutions has recently acquired, a testament to the ability of its products to give customers a competitive advantage. Its technology platform has the clear potential to become the industry standard for automating highly complex transactions for both regulated utilities and new alternative energy service providers."
Customers include Advanced Energy and NewEnergy of Pennsylvania and Green Mountain Energy of Vermont.
The 2-year-old Cambridge firm in July got $3.7 million in funding from Aconcagua Capital, Osborn Capital and individuals. Before that it had received angel investments.