MARIETTA, GA. — Prenova, a provider of energy management solutions, has landed its largest round of funding to date.
Investors led by Arcapita Ventures are pouring $11 million into the Atlanta firm. The company has now raised $28.5 million since 2003.
“Prenova’s set of unique, technology-enabled solutions provides our customers significant competitive advantages in managing the challenge of rapidly increasing energy costs,” said Ed Smith, Prenova’s chief executive officer, in a statement. “Arcapita’s strategic support, combined with the firm’s extensive global resources, will enable us to extend our leadership position and greatly enhance our ability to deliver high-value energy management solutions to an even broader array of businesses.”
The funds will he used for further investment in Prenova’s patent-pending delivery platform as well as to meet growing customer demand. Prenova focuses on visibility, manageability and predictability.
Also participating in the financing are Frontenac Company, River Cities Capital Funds and Colonnade Strategies. Two executives from Arcapita, John Huntz and Ramsay Battin, join Prenova’s board as part of the deal.
“The company has assembled a set of highly referenceable, blue-chip customers who have realized significant returns on investment through their relationship with Prenova,” said Huntz, who is executive director of Arcapita Ventures. “We are confident that Prenova’s solution set and experienced management team ideally position the company in a market where customers are increasingly focused on reducing and managing their energy-related expenses.”
Prenova, which was launched in 1997, has developed technology to help clients reduce energy costs, avoid unplanned maintenance and repair costs and extend equipment life.
Prenova customers include AT&T, Costco, Crate & Barrel, Dollar Tree, Eddie Bauer,
Famous Footwear, Kroger, MCI, Owens Corning and 24 Hour Fitness.
Prenova: www.prenova.com
