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Comverge, Inc. Announces Funding of $13.6 Million Series 'B'
Preferred Financing Round
Rockport Capital Leads Round as New Investor; 'Hap' Ellis to Join Board
EAST HANOVER, N.J., Oct. 28 /PRNewswire/ -- Comverge, Inc., a leading provider
of "intelligent" power management solutions serving hundreds of North America's
electric utilities, announced the closing of its Series "B" Preferred Share
financing round. The company drew significant support with new investment
totaling approximately $13.6 million. Lead by Rockport Capital Partners, the
investor syndicate includes previous investors Nth Power, EnerTech Capital
Partners, NorskHydro Ventures, and Ridgewood Capital.
Robert M. Chiste, Comverge's Chairman and CEO stated: "We are extremely pleased
to have earned the continued support and confidence of such a range of
investors. This additional funding will enable us to strengthen our market
position and will support further growth and development in our Demand
Response, Load Management, AMR, and Virtual Peaking Capacity(TM) solution-
based offerings."
Comverge also announced that Mr. Alexander "Hap" Ellis, a Partner of Rockport
Capital Partners, will join its Board of Directors. "Hap's extensive industry
experience coupled with his enthusiasm and drive would make him an asset to any
Board, and Comverge is fortunate to have him as part of our team," said Chiste.
Ellis, equally positive about the opportunity, stated, "Rockport has seen
Comverge successfully execute on both its traditional business and its new
Virtual Peaking Capacity(TM) offering over the last several years. We are very
excited about leading this funding round as a new investor and share the
optimism and confidence of Comverge's entire investor base that the company
will continue to create extraordinary shareholder value by leading their
industry in innovation and solutions-based services. I look forward to
participating as a Board Member and being a part of the inspiring growth we see
in Comverge."
About Comverge, Inc.
Comverge, Inc., The Power in Power Technology(TM), is a leading energy
intelligence company whose investors include Nth Power, EnerTech Capital, Data
Systems & Software, Inc. (NASDAQ:DSSI), E.ON Venture Partners GmbH (NYSE: EON),
Ridgewood Capital, Easton Hunt Capital Partners, L.P., Norsk Hydro Technology
Ventures (NYSE:NHY), Rockport Capital Partners, and Shell Internet Ventures, an
affiliate of the Royal Dutch/Shell Group of Companies. Comverge is represented
across the world with offices and research facilities in Atlanta, Georgia; East
Hanover, NJ; Newark, California; Pensacola, Florida; and Tel Aviv, Israel.
Providing software and system solutions to over 500 clients in the electric
utility industry, Comverge implements both integrated and outsourced solution
based models for remote meter reading, distributed generation monitoring, and
time-of-use billing and demand response, and direct or voluntary load control
initiatives. For more information visit http://www.comverge.com/.
About Rockport Capital Partners
Rockport Capital Partners is a venture capital firm based in Boston, MA that
invests in companies in the energy, environmental and advanced materials
sectors. The firm is committed to companies with breakthrough technologies that
deliver significant economic value to large potential markets. For more
information: http://www.rockportcap.com/.
Media Contact
At Comverge, Bud Vos, Vice President of Marketing, 973.884.5970,
DATASOURCE: Comverge, Inc.
CONTACT: Bud Vos, Vice President of Marketing, +1-973-884-5970,
Web site: http://www.comverge.com/
http://www.rockportcap.com/